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    • IT Business Management
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    Home Orlando IT Business Management IT Business Management Project Portfolio Management Demand Management Use Demand Management Create a demand Create a demand cost plan

    Create a demand cost plan

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    Create a demand cost plan

    Demand cost plans capture the costs of demands. Create a cost plan to specify the unit cost of a cost type for a fiscal period.

    Before you begin

    Role required: it_demand_manager

    About this task

    The application automatically creates cost plan breakdown records when you save the cost plan. The cost plan breakdowns are records that specify the estimated and actual costs and the budget at a granular level for specific fiscal periods, such as FY16: April and FY16: May.

    Note: Cost plans are automatically created for resource plans that are associated to demands.

    If you want to use multiple currencies, create a new cost plan for another currency.

    Procedure

    1. Open the required demand form.
    2. In the related links, click Cost Plans.
    3. To view the Financials Summary page in a grid, click Manage.
    4. To create a cost plan, click New.
    5. Fill in the cost plan form.
      Table 1. Demand plan form fields
      Field Description
      Name Descriptive name for the cost plan.
      Project/Demand Demand number to which the cost plan belongs.
      Start fiscal period Starting fiscal period.

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

      End fiscal period Ending fiscal period.

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

      Financials
      Currency Currency for the cost plan. You can select a currency different from the functional currency.

      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 cost of the demand.

      Resource plan Resource plan number associated with the cost plan. The field appears for the cost plans originating from resource plans. The Cost type value is Labor.
      Product model Product for which the cost plan is created. The field appears if you select Hardware or Software as the Cost type.
      Unit cost Cost of single unit of the resource.
      Quantity Quantity of resource required.
      Recurring Indicates if the cost is recurring for each fiscal period.

      Quantity x Unit cost value is incurred for every fiscal period.

      Cost type Cost type. See Create a cost type definition.
      Total planned cost Total planned costs of the cost plan. If the cost is recurring, the calculation is Quantity x Unit cost x number of fiscal periods.

      If the cost is non-recurring, the calculation is Quantity x Unit cost.

      This value is rolled up from cost breakdown.
      Total actual cost Total actual costs of the cost plan. This value is rolled up from cost breakdown.
      Forecast

      Sum of all actuals for past periods plus estimated cost for future periods.

      Note: When you change the planned start date of a demand, the associated cost plans and resource plan also change. The project property Change Resource Plan and Cost Plan Start Date with Demand or Project Start Date Change controls the behavior for demand date change.
    6. Click Submit.

    What to do next

    • On the Demand form, view the breakdowns by fiscal period in the Cost Breakdown related list.
    • To recalculate the value in the Forecast field, use the Calculate Forecast Amount related link.

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    Release version
    Choose your release version

      Create a demand cost plan

      • Save as PDF Selected topic Topic & subtopics All topics in contents
      • Unsubscribe Log in to subscribe to topics and get notified when content changes.
      • Share this page

      Create a demand cost plan

      Demand cost plans capture the costs of demands. Create a cost plan to specify the unit cost of a cost type for a fiscal period.

      Before you begin

      Role required: it_demand_manager

      About this task

      The application automatically creates cost plan breakdown records when you save the cost plan. The cost plan breakdowns are records that specify the estimated and actual costs and the budget at a granular level for specific fiscal periods, such as FY16: April and FY16: May.

      Note: Cost plans are automatically created for resource plans that are associated to demands.

      If you want to use multiple currencies, create a new cost plan for another currency.

      Procedure

      1. Open the required demand form.
      2. In the related links, click Cost Plans.
      3. To view the Financials Summary page in a grid, click Manage.
      4. To create a cost plan, click New.
      5. Fill in the cost plan form.
        Table 1. Demand plan form fields
        Field Description
        Name Descriptive name for the cost plan.
        Project/Demand Demand number to which the cost plan belongs.
        Start fiscal period Starting fiscal period.

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

        End fiscal period Ending fiscal period.

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

        Financials
        Currency Currency for the cost plan. You can select a currency different from the functional currency.

        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 cost of the demand.

        Resource plan Resource plan number associated with the cost plan. The field appears for the cost plans originating from resource plans. The Cost type value is Labor.
        Product model Product for which the cost plan is created. The field appears if you select Hardware or Software as the Cost type.
        Unit cost Cost of single unit of the resource.
        Quantity Quantity of resource required.
        Recurring Indicates if the cost is recurring for each fiscal period.

        Quantity x Unit cost value is incurred for every fiscal period.

        Cost type Cost type. See Create a cost type definition.
        Total planned cost Total planned costs of the cost plan. If the cost is recurring, the calculation is Quantity x Unit cost x number of fiscal periods.

        If the cost is non-recurring, the calculation is Quantity x Unit cost.

        This value is rolled up from cost breakdown.
        Total actual cost Total actual costs of the cost plan. This value is rolled up from cost breakdown.
        Forecast

        Sum of all actuals for past periods plus estimated cost for future periods.

        Note: When you change the planned start date of a demand, the associated cost plans and resource plan also change. The project property Change Resource Plan and Cost Plan Start Date with Demand or Project Start Date Change controls the behavior for demand date change.
      6. Click Submit.

      What to do next

      • On the Demand form, view the breakdowns by fiscal period in the Cost Breakdown related list.
      • To recalculate the value in the Forecast field, use the Calculate Forecast Amount related link.

      Tags:

      Feedback

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