Forecasting planning and analysis

  • Release version: Washingtondc
  • Updated December 5, 2024
  • 2 minutes to read
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    Summary of Forecasting Planning and Analysis

    The Forecasting Planning and Analysis feature in ServiceNow allows users to simulate various scenarios for improved strategic planning. It facilitates the creation, saving, visualization, and comparison of multiple analyses, which helps in making informed decisions.

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    Key Features

    • Analysis Contexts: Group different analyses for specific use cases, ensuring systematic comparison. Requires at least 12 periods of historical data and selection of calculated metric definitions for setup.
    • Analysis Creation: Users can create simulations based on interventions or changes by selecting forecast methods and adjusting parameters. These analyses provide insights into potential outcomes.
    • Forecasts: Generates a standard forecast graph as a baseline for performance predictions, which can be adjusted with new parameters to explore different outcomes.
    • Comparison of Analyses: After publishing analyses, users can compare up to five records visually to understand the impacts of decisions effectively. Adjusted values are plotted if available; otherwise, standard forecasts are shown.

    Key Outcomes

    By utilizing the Forecasting Planning and Analysis tools, ServiceNow customers can achieve enhanced planning capabilities, systematically evaluate potential outcomes, and make data-driven decisions that align with their strategic objectives. After publishing analyses, users will have a clearer understanding of how different scenarios may impact their metrics.

    You can use the forecast planning and analysis feature to simulate various scenarios. The forecast planning and analysis tools enable for the creation, saving, visualization, and comparison of multiple analyses, enabling better planning.

    You can install Forecast planning analysis from the ServiceNow Store. After installation, you can navigate to Forecast planning analysis by selecting the list icon List icon..

    Analysis contexts

    An analysis context is used to group different analyses for a specific use case. This context enables you to organize and manage multiple analyses within a single, cohesive structure. Creating an analysis context involves selecting the calculated metric definition that you want to simulate and specifying the number of periods to forecast and the number of previous periods of data to use. By setting up an analysis context, you can help ensure that all relevant analyses are considered and compared systematically, providing a comprehensive view of potential outcomes.
    Note:
    Only calculated metric definitions can be selected when creating analysis contexts. You must have at least 12 periods of historical data for forecast planning analysis. This provides the necessary foundation for simulating different analyses.

    Analysis creations

    An analysis is a simulation that models different outcomes based on specific interventions or changes. After creating an analysis context record, you can create different analyses. You can create the analysis by selecting the forecast method and adjusting the formula parameters. These analyses can be used to compare the outcomes with other analyses and make informed decisions for future planning.

    Forecasts

    After creating an analysis record, a standard forecast graph and adjustable parameters are generated. This standard forecast acts as a baseline, showing how the metric would likely perform if no external changes were made. The original values used for the forecast are displayed for each of the parameter fields.

    The following example shows a generated standard forecast.
    Figure 1. Example of importing a template
    IStandard forecast. For the text description, refer to the text that preceded this example.

    You can create forecast interventions, to explore different possible outcomes by updating input parameters. A graph is generated showing the standard forecast and the new adjusted forecast.

    The following example shows a generated standard and adjusted forecast.
    Figure 2. Example of importing a template
    Adjusted forecast. For the text description, refer to the text that preceded this example.
    After creating and publishing multiple analyses and forecasts, you can compare the analyses and view a graph that captures the data for each analysis you select.
    Note:
    After publishing an analysis and forecast, you can't make any changes to the parameters.

    By comparing these analyses, you can better understand the potential impacts of your decisions, aiding in more strategic and informed planning.

    The following example shows a generated comparison graph for two different analyses.
    Figure 3. Example of a Comparison
    Comparison of two analyses as a forecast graph. For the text description, refer to the text that preceded this example.
    Note:
    You can select up to five analysis records for comparison. If the selected analyses have adjusted values, those are plotted in the comparison. Otherwise, the standard forecast values are plotted.