1z0-1057-24 Questions and Answers

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/fapfm/im plementing-project-execution-management-applications.html#FAPFM1718570

Topic -Manage Maintenance Conditions for Project Enterprise Labor Resource

Referencehttps://ppm-help.saas.hpe.com/en/9.42/Help/Content/UG/PjMUG/view_pj_cost_data_costtab.htm

Below is an example of the Financial Summary view on the Cost tab of the Project Overview page.

https://admhelp.microfocus.com/ppm/en/9.42/Help/Content/UG/PjMUG/images/ProjectOverviewPage_CostTab.gif

The employees and contingent workers will be able to modify their time cards in the Time work area. This work area allows them to enter, review, edit, and submit their time cards for approval. They can also view the status and history of their time cards and make corrections as needed. The Time and Cost work area allows the project managers and cost accountants to review, adjust, and transfer time card transactions to projects and tasks. The Asset work area allows the asset managers and cost accountants to review, adjust, and transfer asset transactions to Oracle Fusion Assets. These work areas are not used by the employees and contingent workers to modify their time cards. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-time-and-labor.html#OAPFM2356221

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-mana gement/19b/oapfm/project-foundation-configuration-define-project-resource-breakdown-structures.html#OAPFM180158_2

Why can't I find persons in the list of resources when I enter team members, planning resources, or person rate schedules?

You can't find persons in the list of resources when you enter team members, planning resources, or person rate schedules in the following situations:

The administrator didn't assign adepartmentwhile creating users. Persons must have an active assignment andbe assigned to a departmentin Oracle Fusion Human Capital Management before they can be added as team members or entered as resources on the planning resource breakdown structure or person rate schedule.

The resource isn't active in Oracle Fusion Human Capital Management because the current date is before the effective date of the resource. If you want to include persons who will start in the future, select the Include people with future-dated effective start dates option when you search for the person.

Persons assigned as project managers aren't active as of the project start date.

The assignment of the person is terminated, and an appropriate value isn't set for the number of days to display people with terminated assignments. You can set the profile value appropriately at the site profile level using the Specify Number of Days to Display People with Terminated Assignments task in the Setup and Maintenance work area.

Referencehttps://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_87F467307D50416BE040D30A68 816855

Spread curves let you distribute quantity, cost, and revenue amounts automaticallyacross accounting or project accounting periods. You assign a spread curve to each resource class. Planning resources (in the planning resource breakdown structure) inherit the spread curve setting from the associated resource class. You can change the spread curve for the planning resource and for any corresponding task assignments, or budget or forecast lines.

Ref: Implementing-Project-Financial-Management-and-Grants-Management.pdf (19A Part # F11256-01)

Chapter 3 – Define Project Organizations

Topic - Set Assignments and Project Data – How They Work Together (Page 29)

Business Unit as Set Determinant

Business units enable you to control and report on financial transactions, usually for specific geographical entities within the enterprise. For project management purposes, assign the Project Accounting business function to the business unit.

Business unit is a set determinant for the project-related reference data objects described in the following table.

Ref Data Object

Entities

Project Accounting Definition

Project Types

Project Rates

Project rate schedules

Project Unit as Set Determinant

Use project units to enforce consistent project management practices across your enterprise. Project unit is a set determinant for the reference data objects described in the following table.

Ref Data Object

Entities

Project Definition

Class codes, financial plan types, project plan types and project roles

Project Transaction Types

Expenditure types and work types

You can only select class codes, plan types, roles, expenditure types and work types that are assigned to the same set as the project unit. To enable expenditure types and work typesfor use on projects owned by a project unit, assign the set associated with the Project Transaction Types reference data object to those entities

Ref:https://docs.oracle.com/cd /E51367_01/projectop_gs/OAPJB/F1087456AN1006D.htm

What's a bill set?

Transactions originating from different bill plans with the same bill set number on a contract are included on the same invoice.If a contract has multiple bill plans and each have different values for the bill set, Oracle Fusion Project Billing creates a separate invoice for each bill plan

Ref:https://docs.oracle.com/cd/E83857_01/saas/applications-common/18b/oaext/page-modification.html#OAEXT1640891

Selecting the offering you want to implement and enabling optional functional areas and features by opting in are not part of managing an implementation project. These are part of configuring an implementation project, which is done before managing an implementation project. Configuring an implementation project allows you to define the scope and features of your implementation based on your business needs. Managing an implementation project involves assigning tasks to various users who are responsible for managing setup data, monitoring the progress of completing setup tasks, and generating a list of setup tasks. These are part of executing an implementation project, which is done after configuring an implementation project. Executing an implementation project allows you to perform the setup tasks and validate the setup data for your implementation. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/implement-project-financial-management-applications.html#OAPFM2356021

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/fapfm/implementin g-project-execution-management-applications.html#FAPFM1724547

Topic – Submitting the Process to Maintain Project Resource Search Index: Procedure

Submit the Maintain Project Resource Search Index job set to update the resources that appear on the Search and Evaluate Resources page when a resource manager searches for resources to fulfill project resource requests. The job set consists of a set of processes that facilitate efficient and rapid searches for qualified resources.

Resource managers can't search for resources or view resource details if the search index isn't available for a project resource request with qualifications or keywords. For project resource requests without qualifications and keywords, resource managers can search for and evaluate resources based on resource availability even if the search index isn't current or available.

Caution:The search index isn't available if the Maintain Project Resource Search Indexjob set process fails, orwhile the process is running.

Referencehttps://docs.oracle.com/cloud/latest/projectcs_gs/FAPFM/FAPFM1192914.htm

Topic – Creating Calendars for Projects and Resources: Procedure

Project Schedules are used as a base for project and resource calendars in Project Execution Management applications. The smallest scheduling unit is a day. For example, you can define the number of hours in a day but, you can't schedule work for a specific time of the day.

The following are the elements of a schedule:

Shifts

Workday patterns

Exceptions

Reference https://docs.oracle.com/cloud/latest/projectcs_gs/OAPFM/OAPFM1125361.htm#OAPFM1125277 (what’s a work type?)

In billing, you can use work types to classify work for the following purposes:

To determine the default billable status of expenditure items.

To classify cross-charge amounts into cost and revenue for cross-charge transactions.

Tip:To use work types to determine whether an expenditure item is billable you must set the profile option Work Type Derived for Expenditure Item toYes.

When you create or import expenditure items, the default work type is inherited from the associated task. Tasks, in turn, inherit work type values from parent tasks and ultimately from the project.Project types determine the default work type value for projects and project templates.

The Project Integration Specialist role should be assigned to a user for using the rapid implementation feature to set up the Project Financial Management offering by populating and uploading a Microsoft Excel workbook. This role allows the user to access the Functional Setup Manager and perform the common setups for project costing and billing using predefined templates and spreadsheets. The user can also monitor and validate the setup data using reports and dashboards. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/implement-project-financial-management-applications.html#OAPFM2356151

Referencehttps://docs.oracle.com/cd/E51367_01/projectop_gs/OAPJC/F1071488AN1004C.htm

To import and process third-party transactions that are costed and accounted, you need to set the Transaction Source Options for the transaction source that you use to import the transactions. The Transaction Source Options allow you to specify whether the transactions are costed and accounted by the source system or by Oracle Fusion Cost Management. You can also specify whether to validate and transfer costs and accounting entries to projects and general ledger.Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-costs.html#OAPFM2355941

Referencehttps://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/p roject-control-configuration-manage-financial-and-project-plan-types.html#OAPFM79055

Topic - Project Date Cascade Options

Use the Cascade option choice list to determine whether your changes to project dates cascade to tasks.

Use the Basic Information region on the Edit Project Template page to select one of the following options:

Do not cascade project date changes to tasks: Both start and finish dates are editable. However, you must ensure the following:

The project start date is not later than the earliest task date.

The project finish date is not earlier than the latest task date.

Cascade project start date change to affected tasks: You can edit only the project start date.

Cascade project finish date change to affected tasks: You can edit only the project finish date.

Do not cascade project date changes to tasks is the default value. You must select the cascade option each time you change the project dates, as your selection isn't saved for future date changes.

If you select to roll up planned dates for tasks or are using an external application for scheduling, then you can't modify the project start or finish dates.

Referencehttps://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/define-project-organizations.html#OAPFM30945 43

Topic - Manage Project Unit Organizations

The Accounts Member component of performance measures allows you to select the method that is used to measure accounts such as budget, forecast, and actual. The Accounts Member component defines the account dimension member for the performance measure, which represents the financial data that is measured. You can also specify the aggregation rule and calculation method for the account dimension member. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-performance-reporting.html#OAPFM2356081

The Resource Qualification Score is a percentage that indicates how well an individual matches the qualifications required for a resource request. An individual’s score is 100% if either of the following conditions are met:

The resource request has a qualification, but no proficiency is specified, and the resource has the qualification. This means that any level of proficiency is acceptable for the qualification.

The resource request has a qualification with a specified proficiency and the resource has the qualification that meets the specified proficiency. This means that the resource has the exact level of proficiency required for the qualification. An individual’s score is not 100% if the resource request has a qualification with a specified proficiency and the resource does not have the qualification or has a different level of proficiency than required. In this case, the score is calculated based on how close the resource’s proficiency is to the required proficiency. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-resources.html#OAPFM2356001

The Default Capitalized Interest Rate Schedule should be specified on the Manage Project Type page. This option allows you to select a capitalized interest rate schedule that will be used as the default for projects or tasks that use the project type. A capitalized interest rate schedule defines the interest rates and dates that are used to calculate the capitalized interest amount for a project or task. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-costs.html#OAPFM2356101

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapem/define-project-deliverables.html#OAPEM1122079

Associate deliverables with one or many tasks or requirements at any level. Associate existing deliverables to tasks or requirements or create deliverables directly for tasks or requirements. You can delete a deliverable in New status if it is not associated with tasks or requirements.

Can deliverables for projects and tasks be inherited from associated requirements?

No.A deliverable associated with a requirement is not automatically associated with the tasks created for that requirement.

You associate a deliverable with a task, independent of associating a requirement with a task.

Budget 5,000Actuals 800Commitment 600

ETC = Budget – Actuals – Commitment

ETC = 5,000-800-600 = 3,600 Budget available for next 4 months = 3,600/4 = 900/month

The reason for this problem is that the two expenditure types are not assigned to the reference data set that is assigned to the project unit in which the transaction is performed. Expenditure types are a type of reference data that can be shared across different business units or organizations using reference data sets. To make an expenditure type available for selection when you enter an expenditure batch, you need to assign it to the reference data set that is assigned to the project unit of the transaction. The project unit determines the reference data set for expenditure types. The reference data sets that are assigned to the project expenditure organization, the business unit, or the project-owning organization do not determine the reference data set for expenditure types. These reference data sets may determine other types of reference data such as expenditure categories, expenditure item dates, etc. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-costs.html#OAPFM2356231

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapjc/process-project-co st-transactions.html#OAPJC284872

What's a borrowed and lent processing method?

A method of processing cross-charge transactions that generates accounting entries to share revenue or transfer costs from theprovider organization to the receiver organization within a legal entity.An internal invoice isn't created but costs or revenue are sharedbased on the transfer price rules.This method provides a financial view of the performance of an organization.

The project requirements work area is a work area that allows you to define and manage requirements for your projects using various methods and sources. Requirements are statements of needs or expectations that must be met by the project outcome. Backlog items are a type of requirement that are used for agile projects that follow an iterative and incremental approach. Three of the tasks that can be performed using the project requirements work area are:

creating projects and tasks in the context of backlog items: This task allows you to create new projects and tasks or link existing projects and tasks to backlog items. This helps you to plan and execute the work that is required to fulfill the backlog items.

creating issues for the backlog items: This task allows you to create new issues or link existing issues to backlog items. Issues are problems or risks that affect the progress or outcome of a project or requirement. This helps you to track and resolve the issues that are related to the backlog items.

tracking backlog item status from the requirement storyboard: This task allows you to view and update the status of backlog items from the requirement storyboard. The requirement storyboard is a graphical representation of the progress and completion of backlog items using various stages and lanes. This helps you to monitor and control the delivery of backlog items. Adding scrum master to backlog items and creating change orders for the backlog items are not tasks that can be performed using the project requirements work area. Adding scrum master to backlog items is a task that can be performed using the project team work area, as scrum master is a role that is assigned to a project team member who facilitates and coordinates the agile project activities. Creating change orders for the backlog items is a task that can be performed using the project change management work area, as change orders are documents that capture and approve changes to a project scope, schedule, or budget. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-execution.html#OAPFM2356321

Referencehttps://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_988B43C997365159E040D30A68813832

https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49622/F1125377AN61D92.htm

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapjb/create-customer-contract.h tml#OAPJB70183

Bill Plan –Create a bill plan within a contract that uses the invoice method you require. Assign the bill plan to one or more contract lines. A set of instructions on a contract that define how to invoice a customer. Multiple contract lines on a contract can use the same or different bill plans. Invoice Method is used in creating Bill Plan – not a separate setup.

Billing Controls –Contract feature that controls the types of transactions, dates, and amounts a customer may be invoiced for and revenue can be recognized for a contract or contract line. Define billing controls at the contract or contract line level.

Topic -Creating a Contract for Percent Spent Invoice and Revenue Methods: Worked Example

This example describes a scenario where transactions for a contract line need to be invoiced and the revenue recognized using the percent spent method.

What are the revenue and invoice method classifications?Percent Spent

What is the billing extension calculation level for the contract line and project association?Project level

Summary of the Tasks

Create a contract, create the percent spent contract lines, create the bill plan, create the revenue plan.

Prerequisites

Create a project.

Create the project plan for percent spent revenue. Specify the plan type on the percent spent billing extension.

Create an approved cost budget.

Create cost and burden rates.

Enter labor and expense transactions for the project.

Collect costs for the transactions.

Configuration Steps

Creating the Contract

Creating the Percent Spent Contract Lines

Creating the Bill Plan - A set of instructions on a contract that define how to invoice a customer. Multiple contract lines on a contract can use the same or different bill plans.

Creating the Revenue Plan - Common set of instructions for recognizing revenue within a contract. Multiple contract lines on a contract can use the same or different revenue plans.

Invoice method classifications determine how transactions are invoiced. The invoice method determines how invoice amounts are derived.

Enter an invoice method on a bill plan, which you create for a contract and assign to contract lines to provide a set of instructions for creating an invoice.

Createbilling controlsfor a contract or contract line to define the valid transaction dates, billing resources, and amount limits for transactions associated with the contract.

Generate invoices to calculate the invoice amounts for a contract.

The following figure illustrates the components of a project and a contract that determine invoice amounts, and the relationships between the components.

Project and contract components used to determine invoice amounts and generate invoices.

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/oefpp/toc.htm

To fix the problem of project resources not reporting their time promptly, you should enable track missing time at project unit. This option allows you to track and report on missing time entries for project resources based on their work assignments and schedules. You can also set up notifications and reminders to prompt resources to enter their time on a regular basis. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-time-and-labor.html#OAPFM2356011

To handle a custom spread on budgets and forecasts, you can either create a new spread curve or edit an existing one to match the desired spread points. Then, you can attach the spread curve to a project template or a resource class, depending on whether you want to apply it to all projects using that template or all transactions using that resource class.Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/define-project-budgets-and-forecasts.html#OAPFM2355819

Referencehttps://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/define-project-organizations.html#OAPFM177674

Settings That Affect Performance Data Summarization

You can summarize performance data for a project unit, business unit, a range of projects, or projects managed by a project manager. When you run the Update Project Performance Data process from the Scheduled Processes page, select one of the summarization methods from the following table:

Summarization Method

Usage

Incremental

Summarizes new transactions that are yet to be summarized

Delete and re-summarize

Correct summary data when the source system data changes outside the regular transaction flow.

Do not use this summarization method when you run the Update Project Performance Data Without Producing Report process unless you are advised to do so.

Resource breakdown structure

Migrate all summary data from one resource breakdown structure version to the next.

If you select this option, you must also specify the resource breakdown structure header.

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapjs/update-project-perfor mance-data-and-generate-kpis.html#OAPJS16654

Performance Status Indicator

Performance status indicators give an immediate picture of the status of a project, such as critical, at risk, and on track. Each distinct icon indicates the status and severity of performance. During KPI definition, you first associate status indicators with performance statuses:

Critical

Severe

At risk

On track

Ahead

You then associate these statuses with threshold levels. When KPI values are generated for a project, each value is compared to the defined thresholds and the corresponding status indicator for the KPI appears on project performance reports.

A status can identify negative performance so that you can take the appropriate actions to prevent or quickly resolve problems. Conversely, a status can identify positive performance to help you track expected or excellent performance.

https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/fapfm/implementing-project-financial-managemen t-applications.html#FAPFM975706

Create Key Performance Indicators

Create key performance indicators (KPI) to measure how well your organization performs an operational, tactical, or strategic activity that is critical for the current and future success of the organization.

Note: To create KPIs you must enable a project unit to track key performance indicators.

Use the Threshold Levels section to specify thresholds to indicate the health status of a KPI. Select one of the following options:

Multiple threshold levels

Single threshold level value

Single threshold level range

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/proj ect-foundation-configuration-define-types-and-categorizations.html#OAPFM222700

Topic - Manage Project Class Categories

Setting Up Class Categories: Points to Consider

Available as Accounting Source

This option indicates if theclass category is available as an accounting source so that Oracle Fusion Subledger Accounting can use the category to create mapping sets, account rules, journal line rules, and description rules.

Only one class category at a time is available as an accounting source in Oracle Fusion Subledger Accounting. To change the class category that Oracle Fusion Subledger Accounting uses, deactivate the old class category and create a new one with a different date range.