Create a project benefit plan

Project benefit plans capture the potential benefits accrued by the project when the project is executed. Create a benefit plan to specify the estimated benefit in a category spanning one or more fiscal periods.

Before you begin

Role required: it_project_manager

About this task

The benefit plan breakdown records are automatically created when you save the benefit plan. The benefit plan breakdowns records specify the estimated and actual benefits, at a granular level, for specific fiscal periods, such as FY17: April and FY17: May. The Benefit Breakdown related list shows the aggregated benefits for estimated and actual benefits for each fiscal period for the project.

Procedure

  1. Navigate to Project > Projects > Project Workspace.
  2. Open the required project form.
  3. Click theBenefit Plans related list, and click New.
  4. On the form, fill in the fields.
    Table 1. Benefit Plan form
    Field Description
    Name Descriptive name of the benefit plan.
    Project/Demand Project number to which the benefit plan belongs.
    Sponsor Sponsor for the project.
    Category Type of benefit:
    • Hard: Benefits that can be measured in terms of revenue.
    • Soft: Benefits that are measured in terms of value.
    Sub category Sub-categories of hard and soft benefits.

    The selection in Category field determines the selections available in this field.

    Offset type Field to indicate when the benefits start realizing. Select any of the following options:
    • None: The default value is None. When you select None, you need to manually enter the benefit plan start and end fiscal periods.
    • Milestone: After completion of a milestone.
    • Start Date: At the start of the project.
    • End Date: After the project ends.

    If the value in the selected offset type changes, the benefit plan start date shifts accordingly. For example, if the offset type is set to End Date and the end date of the project changes, the benefit plan start date shifts to align with the new end date of the project.

    Milestone Project milestones to which the benefit plan belongs. The field appears if you select Milestone in the Offset type field.
    Milestone start date Start date of the selected milestone. The field appears if you select Milestone in the Offset type field.
    Project/Demand start date Start date of the project. The field appears if you select Start Date in the Offset type field.
    Project/Demand end date End date of the project. The field appears if you select End Date in the Offset type field.
    Offset Number of periods before or after the offset type when the benefit plan starts. For example, if the offset type is selected as End Date and the offset is -2, the benefit plan is two periods prior to the project end date. If the project end date shifts, the benefit plan start date shifts to two periods prior to the new project due date.
    Duration in periods The length, in periods, of the benefit plan.
    Start fiscal period Starting fiscal period. Populated based on the value in the Offset field relative to the selected Milestone, Project or Demand start date, or Project or Demand end date, and Duration in period values.

    The field is editable if you select None in the Offset type field.

    When you change the start fiscal period, the associated benefit breakdown values also change.

    End fiscal period Ending fiscal period. Populated based on the value in the Offset field relative to the selected Milestone, Project or Demand start date, or Project or Demand end date, and Duration in period values.

    The field is editable if you select None in the Offset type field.

    When you change the end fiscal period, the associated benefit breakdown values also change.

    Financials
    Currency Currency for the benefit plan.

    If the selected currency is different from the default currency configured in the Financial Management application, the budget reference rate is used to calculate the Planned benefit of the project.

    Planned benefit Estimated amount of the potential benefit.

    Any change in the planned benefit on the benefit plan updates the benefit breakdown values for future fiscal periods.

    Total planned benefit Total benefit value that is rolled up from the benefit breakdown.
    Actual benefit Actual benefit value that is rolled up from the actual benefit in benefit breakdown.
    Recurring Check box to indicate if the benefit is recurring for each fiscal period in the benefit breakdown.
    Note: When you move the project or the milestone date, the associated benefit plans also change accordingly based on whether the benefit plan is tied to the project start date, end date, or one of the project milestones. The project property Change Resource Plan, Cost Plan and Benefit Plan Start Date with Demand or Project Start Date Change controls the behavior for project date changes.
  5. Click Submit.

What to do next

On the project form, view the benefit breakdown by fiscal period in the Benefit Breakdown related list.