The model that you build and develop over time to create annual budgets and rolling forecasts.
"How you expect the year to go"
A 12-month plan that is co-developed and approved at each year's outset.
"How the year is actually going"
Updates to the annual budget throughout the year, e.g., including newer actuals or manual adjustments. Rolling forecast versions are typically locked on a monthly or quarterly basis.
Budget variance analysis (BVA)
Compares your company's actual financial performance against it's budgeted performance.
Recorded real-world data that has occurred. Actuals are either used for budget variance analysis (BVA) or re-forecasting purposes.
Budget variance analysis: Marked by orange in Francis
Re-forecasting: Marked by purple in Francis
The live version of your model that you can edit.
How you save annual budgets and rolling forecasts throughout the year. Once edits to your latest forecast are done, save it as an annual budget or rolling forecast and name it accordingly.
Edits to hardcoded values, formulas, or the forecast start date, all three of which affect forecast values
Alternate model branches with edits leading to different outcomes.