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Fast Formula Concepts
11-23-2014, 07:49 AM,
Fast Formula Concepts
Oracle Fast Formula Overview

Formulas are generic expressions of calculations or comparisons you want to repeat with different input values. Formulas take input from a window, a database, or a process, such as a payroll run and they return values or messages.
Oracle FastFormula is a simple way to write formulas using English words and basic mathematical functions. You can use information from your database in formulas without learning the database structure or a programming language.

Uses of Oracle Fast Formula
In HRMS, Oracle Fast Formula is used for
  • applying validations validations

  • to perform calculations

  • to specify rules.
Here are some examples of its usages.

In Payroll, you use formulas to:
• Validate element inputs
• Calculate element pay values and run results during payroll processing
• Specify the rules for skipping an element during payroll processing
• Perform legislative checks during a payroll run

In Compensation and Benefits Management, you use formulas to:
• Specify the rules for Paid Time Off accrual plans, such as how much time is accrued and over what period, when new starters are eligible to begin accruing time, and
how much time can be carried over to the next accrual term
• Define custom calculations for benefits administration
• Calculate the duration of an absence given the start and end dates and times
• Create rules for benefits administration such as eligibility determination

In People Management, you use formulas to:
• Check that element entry values are valid for an assignment
• Specify the criteria for including an assignment in an assignment set and to edit assignment sets
• Configure the people management templates in a number of ways such as supplying additional information to be available from fields on the template and
validating field entries
• Define collective agreements
• Generate custom global person number sequences for employees, applicants, and contingent workers

You can easily create and maintain business rules by calling formulas from the Custom Library. For example, you can use formulas to validate data entry in forms by calling formulas from the Custom Library, and to check that entries made to a user table are valid. You can then call these business rules from other PL/SQL applications. When you write a formula, you specify for which of these purposes you will use it.

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