Regular Schedule

Definition

Regular Schedule. A schedule whose time intervals recur regularly

Other ontologies can extend RegularSchedule as needed.In particular, the Occurrences ontology extends RegularSchedule to 'comprise' an 'OccurrenceKind'. The intended meaning is that a regular schedule comprises a number of scheduled dates and an event which is scheduled to occur on each of those dates, in other words an Occurrence of the OccurrenceKind should happen on each Date defined by the RegularSchedule. A RegularSchedule is a Schedule defined as a set of Dates that start on a recurrence start date and repeat after each recurrence interval. The size of this set is defined by a count.The 'initial ScheduleStub' associated with a RegularSchedule identifies any special treatment applied before the recurrence start date. Similarly, a 'final ScheduleStub' identifies any special handling at the end of the recurrences. For example, a mortgage loan that is due each calendar month may have an initial payment due before the first calendar month, or a final payment due after the last monthly payment.

Example

A 30 year mortgage is payable monthly on the 10th of the month, starting July 2015. The mortgage is issued on June 15, 2015 so the first payment is for the period June 15-June 30, and the last payment is for June 1-14 2045.The payment schedule is a RegularSchedule with these properties:* comprises: regular payment OccurrenceKind (with payment details) (see the 'comprises' property of the Occurrences ontology)* hasInitialStub: June 15-30, 2015 for initial payment* hasFinalStub: June 1-14, 2045 for final payment* hasCount: 358* hasOverallPeriod starting Date: June 15, 2015 with a duration of 30 years* hasRecurrenceInterval: specifies 10th day of each calendar month* hasRecurrenceStartDate: July 1, 2015

Issues and Challenges

The BusinessDates ontology extends 'RegularSchedule' with an optional BusinessDayAdjustment that specifies what should happen if a scheduled date falls on a weekend or a holiday.

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.