What is the Copy (Submit) from Live forecast process?
A forecast is used as a monthly revenue goal. Once set, it does not change. The Live forecast, however, is a rolling forecast, which is regularly updated with the most recent data available.
To set a revenue forecast, PMI (Performance Management Intelligence) recommends using the Live forecast as a basis. This is done by submitting Live forecast to forecast. When a Live forecast is submitted to Forecast, the forecast is ‘frozen’.
This is a monthly task It is PMI best practise to copy Live forecast to Forecast for the next 12 months by the 20th of the month.
Note – the exact deadline or process may vary depending on company policy – refer to your property’s SOP (Standard Operational Procedure) if you are unsure.
Important: The forecast should be submitted before the month starts and must align with the official forecast submitted in your reporting tool (if other than PMI). Once confirmed and submitted, this should not change. You can, and should, update and save live forecast as often as necessary during the current period.
How to copy the Live forecast to Forecast?
- Review and adjust the Live forecast for the next 12 months
- Best practice suggests a daily live forecast for the next 3 months and a monthly forecast for the following 9 months. Make any adjustments needed.
- Rooms forecast should be updated first. Once done, continue (or notify the department “owner”) with F&B and other Live forecasts.
- Submit Live forecast
- When all Live forecasts are updated and saved, select the Tools icon in top right of screen. Select ‘Copy from Live Forecast’ for one month only or ‘Copy several from Live forecast’ to submit multiple months simultaneously.
- Copy (Submit) Live Forecast will only copy the month you are looking at in Live Forecast.
- Copy (Submit) Several Live Forecasts allows you to choose more than one month and department.