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Method and System for Monitoring Budgetary Risks and Opportunities

IP.com Disclosure Number: IPCOM000210659D
Publication Date: 2011-Sep-07
Document File: 5 page(s) / 60K

Publishing Venue

The IP.com Prior Art Database

Abstract

A method and system for monitoring budgetary risk and opportunities by modeling various direct and indirect influences on a budget as a result of decisions taken by one or more decision makers is disclosed.

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Method and System for Monitoring Budgetary Risks and Opportunities

Disclosed is a method and system for monitoring budgetary risk and opportunities by modeling various direct and indirect influences on a budget as a result of decisions taken by one or more decision makers.

A budget lifecycle involves a risk of falling short of expected income and exceeding expected expenditure. A part of the discrepancy between an expected income and expenditure may occur due to the decisions made by people inside and outside an organization. Organizations may use conventional methods like, for example, Enterprise Resource Planning (ERP) to track a few customers, but conventional methods may not track how a decision impacts a budget outcome.

The disclosed method and system builds a business ecosystem network graph for each item on a budget line using a Document Of Understanding (DOU). A DOU is a contract that is used to govern the economic viability of a project. A DOU may be executed between service providers and consumers within an organization as well as outside the organization. For example, a DOU may be executed between two departments in an organization. Alternatively, a DOU may be executed between a department in an organization and a customer outside the organization. A project may include one or more DOUs with varying durations between different departments of a company. In an instance, a department having a DOU for a project, may decide to sub contract the work to another department or a vendor and execute separate DOUs. The DOUs executed between a service provider and consumer may consider a cash flow generated during the execution of the project.

In an exemplary embodiment, the method and system may gather information for constructing a business ecosystem network graph analyzing one or more of, but not limited to, structured and unstructured text, audio and multimedia information available
in a data store as shown in Fig. 1. The information may be gathered from a data store that houses the DOUs. The method and system may query for the information required by a user from one or more of a data store and manually read unstructured text documents that may be stored in one or more electronic formats, not limited to, Printed Document Format (PDF*), Word**, Notepad** and Excel**. Information from the documents may be extracted using techniques such as, but not limited to, text analytics. In order to extract the latest information regarding the decisions taken in a project, the method and system may run a query on all the versions of the DOUs. Additionally, data for constructing the business ecosystem network graph may be gathered from one or more of an email and a chat repository that may contain official decisions, discussions and approvals related to the project.

The method and system may access voice recordings of official and unofficial conversations pertaining to a project to gather information for constructing the business ecosystem net...