Forecasting System Using Volatile Memory for Real-Time Updates
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Solution Overview
Problem
Current financial forecasting systems are hindered by the time-consuming process of storing and retrieving large volumes of data, which limits the ability to provide detailed audit information and quickly review multiple scenarios, making it difficult to dynamically display and update forecasts.
Innovation Solution
A system and method that calculates forecasts using configuration data stored in persistent memory, where forecast values are generated and displayed in non-persistent memory, allowing for real-time updates and dynamic display without the need for persistent storage, using electronic processing devices to determine parameters, construct a calculator, and generate representations based on user inputs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If forecast results and audit trail information are stored in persistent memory for later access, then data can be retrieved and reviewed, but the storage and retrieval process is time consuming and limits the ability to provide detailed audit information
Solution Approach 1:
The patent extracts only the essential configuration data and forecast parameters needed to reproduce forecasts, storing them in persistent memory, while keeping the actual forecast results in volatile memory. This separation allows rapid access to results without the overhead of storing and retrieving large volumes of detailed audit information from persistent storage.
Solution Approach 2:
The system performs preliminary actions by storing configuration data and forecast parameters in advance in persistent memory. When a forecast needs to be reviewed or reproduced, the system can quickly reconstruct the forecast using these pre-stored parameters without needing to retrieve and reprocess large volumes of historical forecast data.
2Adaptability or versatility
If multiple forecasts are calculated and stored in persistent memory for scenario review, then different revenue/expenditure patterns can be analyzed, but the process becomes time consuming and limits dynamic scenario trialing
Solution Approach 1:
The patent implements a dynamic forecasting system where forecasts are calculated in volatile memory and can be rapidly updated and re-calculated as needed. This allows users to dynamically trial multiple scenarios by modifying forecast parameters and immediately observing results, without the time delay of writing to and reading from persistent storage for each scenario change.
Solution Approach 2:
The system creates lightweight copies of forecast configurations and parameters in volatile memory that can be rapidly manipulated and re-executed. Instead of storing complete forecast results in persistent memory, the system stores compact configuration data that can be quickly copied, modified, and re-run to generate new scenarios.
3Loss of information
If large volumes of forecast data are stored in persistent memory, then comprehensive audit information is available, but the storage process and data retrieval speed are reduced
Solution Approach 1:
The patent segments data into two categories: essential configuration data and parameters (stored in persistent memory) versus forecast results and detailed audit information (stored in volatile memory). This segmentation allows the system to maintain comprehensive audit information while achieving fast retrieval speeds for forecast results, as only the compact configuration data needs to be loaded from persistent storage.
Data Source
AI summary
A system for calculating a forecast, the system including an input configured to receive user inputs, a display configured to present results of the forecast, a persistent memory configured to store configuration data, the configuration data including forecast rules for calculating forecast values and one or more electronic processing devices. In use the processing devices determine one or more forecast parameters in accordance with user input commands received via the input, the forecast parameters being input indicative of the forecast to be generated, construct a calculator using the configuration data and the forecast parameters, execute the calculator to calculate forecast values, generate a forecast representation using the forecast values and display the forecast representation.