What are impacts?
Impacts are quantitative financial improvements that are achieved as a result of implementing an initiative. Impacts are tied to financial metrics and also to an area of the business where the impact applies. Depending on the current stage of the initiative, impacts are entered into three series: Planned, Actual, and Forecast.
Planned (sometimes called 'Target'): When an initiative is being planned (e.g. L0, L1, and L2 stages), you are able to enter the estimated impact into the planned series. Once you move the initiative to L3, you are no longer able to update the planned values.
Forecast (sometimes called 'Revised'): Once your initiative has made it to L3 Implementation, you can update the forecast series. Forecast is sometimes referred to as "Revised Plan" as it is meant to serve as an updated estimate of the originally defined plan.
Actual: Actual impacts are entered once your initiative has made it to L4, which is when you switch focus from implementation toward realizing value. Some configurations of Wave only allow Finance Team members to enter actual numbers. Others allow initiative owners to enter the actuals and then the Finance Team later validates the numbers that have been entered.