Cycle time in days to prepare the financial forecast

This measure calculates the number of calendar days (including weekends) it takes to prepare the financial forecast. A financial forecast identifies internal and external trends, and anticipates the future financial status of the organization. This measure is part of a set of Cycle Time measures that help companies analyze the duration of the process "perform planning/budgeting/forecasting" from beginning to end.

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Measure Category:
Cycle Time
Measure Id:
100604
Total Sample Size:
2,979 All Companies
Performers:
25th
Median
75th
Key Performance
Indicator:
No

Compute this Measure

Units for this measure are days.

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Cycle time in days to prepare the financial forecast

Key Terms

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Cycle Time

Cycle time is the total time from the beginning of the process to the end. This includes both time spent actually performing the process and time spent waiting to move forward.

Measure Scope

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Cross Industry (7.2.1)

  • 9.1.1.1 - Develop and maintain budget policies and procedures (10771) - Formulating financial budgetary guidelines and strategies. Develop a framework for rules and regulations regarding budgets. Create a step-by-step process to achieve financial goals.
  • 9.1.1.2 - Prepare periodic budgets and plans (10772) - Creating reports on a quarterly or annual basis for fund allocation. Create a financial statement that estimates revenues and expenses over a specific period of time. (Leverage budget methods such as cost-based and zero-based budgeting techniques, in light of the periodic targets outlined during Develop and maintain budget policies and procedures [10771].)
  • 9.1.1.3 - Operationalize and implement plans to achieve budget (20135) - Putting budgeting plans into practical use keeping within designated forecasting parameters.
  • 9.1.1.4 - Prepare periodic financial forecasts (10773) - Creating estimates of the projected income and expenses required over a predetermined time frame. Develop the projections of profit and loss statements, balance sheets, and the cash flow forecast.
  • 9.1.1.5 - Perform variance analysis against forecasts and budgets (20136) - Conducting a quantitative analysis between what was forecasted and budgeted and actual financial behavior.