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In the context of a cohort, you can think of the ALL grading period as "all-year". It tells the system that this child is 'remote' or 'in-person' during each individual grading period that is included within the date range of the ALL grading period.
For example, if you have an art class that run on quarters and a math class that runs on trimesters and the student is remote all year, you can associate each rotation day with the ALL grading period instead of including both quarter and trimester specific schedules on the cohort.