Oracle Fast Formulas - Chapter 20: Real-Life Examples of Fast Formulas

 

Chapter 20: Real-Life Examples of Fast Formulas

---

🎯 Objective of This Chapter

Explore practical use cases and hands-on examples of Oracle Fusion Fast Formulas used in real-world payroll, benefits, and absence management.

---

🔍 Why Real-Life Examples Matter?

• Help you connect theory with practice

• Understand how different formula types are used

• Build confidence to write your own formulas

---

📌 Example 1: Payroll Fast Formula (Bonus Calculation)

👉 Requirement:

Calculate bonus as 10% of basic salary if the employee has more than 5 years of service.

plaintext
DEFAULT FOR BASIC_SALARY IS 0
DEFAULT FOR YEARS_OF_SERVICE IS 0
BONUS = 0

IF YEARS_OF_SERVICE > 5 THEN
  BONUS = BASIC_SALARY * 0.10

---

📌 Example 2: Absence Fast Formula (Eligibility Check)

👉 Requirement:

Employee is eligible for paid leave only after 180 days of joining.

plaintext
DEFAULT FOR DAYS_SINCE_HIRE IS 0
ELIGIBLE = 'N'

IF DAYS_SINCE_HIRE >= 180 THEN
  ELIGIBLE = 'Y'

---

📌 Example 3: Benefits Fast Formula (Medical Coverage Eligibility)

👉 Requirement:

Medical coverage is only for employees working more than 40 hours per week.

plaintext
DEFAULT FOR WEEKLY_HOURS IS 0
ELIGIBILITY = 'N'

IF WEEKLY_HOURS > 40 THEN
  ELIGIBILITY = 'Y'

---

📌 Example 4: Payroll Deduction Formula (Loan Repayment)

👉 Requirement:

Deduct 5% of salary or a maximum of ₹5000 per month towards loan repayment.

plaintext
DEFAULT FOR SALARY IS 0
DEDUCTION = SALARY * 0.05

IF DEDUCTION > 5000 THEN
  DEDUCTION = 5000

---

📌 Example 5: Value Set Formula (Display Gender Based Option)

👉 Requirement:

Return 'Mr.' or 'Ms.' based on gender.

plaintext
DEFAULT FOR GENDER IS 'M'
RETURN_VALUE = 'Mr.'

IF GENDER = 'F' THEN
  RETURN_VALUE = 'Ms.'

---

⚡ Practice Quiz

1. What would be the bonus if salary = ₹40,000 and years of service = 6?
   👉 ₹4,000

2. How many days after hire is paid leave allowed in Example 2?
   👉 180 Days

3. Which formula checks weekly working hours?
   👉 Benefits Fast Formula Example

---

📚 Summary

Real-life examples simplify your learning by giving you:

• Context-based logic

• Clear variable usage

• Conditions that mimic business rules