Planning, Budgeting and Forecasting System Benefits Sample Clauses

Planning, Budgeting and Forecasting System Benefits. 5 Cognos TM1, to be integrated with EnterpriseOne, will enable all planning, budgeting, and 6 forecasting activities for capital projects, operating revenues and expenditures, and salary and 7 full-time equivalents to take place within one system. It will eliminate many standalone 8 Microsoft Excel-based templates, which currently result in manual rekeying of data; support 9 enhanced reporting and analytics; and use a role based security model. Cognos TM1 will be a 10 fully integrated solution for all aspects of planning, budgeting and forecasting within Nalcor. 11 The solution will enable a more accurate and efficient budgeting process with a full corporate 12 budget where the dependencies, such as labour transfer between capital and operating, are 13 automated. The integration of both operating and capital budgets within a single solution 14 enables visibility into constraints, such as human resource capacity, providing a more realistic 15 work plan and more accurate budgets for contract resources. 16 17 Cognos TM1 will be integrated with EnterpriseOne which allows both systems to share a 18 standardized chart of accounts and corporate structures. The standardization and integration 19 between the two systems will also reduce manual processes and enable an increased level of 20 data integrity. 21 22 Cognos TM1 will have the flexibility to accommodate various budgeting and forecasting 23 methodologies including rolling forecasts, zero-based budgeting, escalation and/or a hybrid 24 approach. By automating and standardizing escalation rates, there will be control and audit 25 capabilities around budget and forecast escalation processes. The solution will also have the 26 capability to generate what-if scenarios for modeling and analysis. 27 28 The system will also provide the ability to calculate depreciation costs under more than one Newfoundland and Labrador Hydro 21 1 changes in depreciation within proposals submitted to the regulator. This system will be a key 2 input to Hydro’s Cost of Service Study, determination of revenue requirements for regulatory 3 submissions and overall capital and budget planning activities. 4 5 Appendix G provides further detail on the functionality enhancements that Hydro will achieve 6 as a result of migration to Cognos TM1. 7
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Related to Planning, Budgeting and Forecasting System Benefits

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