{
  "version": "1.3.0",
  "releasedAt": "2026-05-20",
  "kpi": {
    "rogueId": "finance.forecast_notes",
    "slug": "forecast_notes",
    "domain": "finance",
    "defaultLabel": "Forecast Commentary",
    "description": "Executive narrative on what the latest forecast says and how it has changed since prior reporting — which scenarios were considered, which was picked as \"most likely\" and why, what changed since last quarter, and what would push the forecast into a different scenario. Pairs with `finance.burn_rate_scenarios` (the numeric scenarios) to provide the qualitative \"why\" beside the quantitative \"what\". Common pitfall: this becomes a restatement of the numbers rather than commentary — every paragraph should add interpretation the numbers do not by themselves convey (drivers, decisions taken, decisions deferred).",
    "fieldType": "text",
    "unit": null,
    "maturity": "general",
    "suggestedForStages": [
      "preSeed",
      "seed",
      "seriesA",
      "seriesB",
      "seriesC",
      "public"
    ],
    "defaultOwningFunctions": [
      "Finance"
    ],
    "stageRelevance": {
      "preSeed": "recommended",
      "seed": "recommended",
      "seriesA": "core",
      "seriesB": "core",
      "seriesC": "core",
      "public": "recommended"
    },
    "definitionSource": {
      "tier": "editorial",
      "sourceName": "imboard Editorial",
      "sourceUrl": null,
      "sectionRef": null,
      "publicationDate": "2026-04-01",
      "attributionNotice": null
    },
    "formula": "No calculation — narrative commentary. Convention: cover (1) selected scenario and rationale, (2) deltas vs. prior forecast with reasons, (3) trigger conditions that would move the forecast.",
    "whyItMatters": "Gives the board the interpretation layer that raw scenario numbers lack — without it, the burn-rate-scenarios table is data without meaning. Disciplined commentary also creates a record of management's rationale that can be re-examined when reality plays out.",
    "interpretationGuidance": "Compare commentary across periods — if the rationale shifts without the underlying numbers shifting, the team is rationalizing rather than analyzing. If numbers shift without the rationale acknowledging it, controls maturity is the concern. Length is not a quality signal; concrete drivers and named triggers are.",
    "relatedKpiIds": [
      "finance.assumptions",
      "finance.burn_rate_scenarios",
      "finance.burn_rate_actual",
      "finance.risk_factors"
    ]
  }
}