Using planned benifit field in servicenow

venkateshd
Giga Contributor

Hello Community,

I see a field called planned benifit in project record form -> financials tab. How this field is used in the project record?

1 ACCEPTED SOLUTION

AnveshKumar M
Tera Sage
Tera Sage

Hi @venkateshd ,

1. In your Project form you can see a Related list called "Monetary Benefit Plans", click on a New button in the related list.

2. In the form opened, fill in the Name accordingly. And fill in the names as below.

  • Benefit type : Monetary benefits
  • Category : Soft -> If its not direct benefit, Hard -> If the benefit is directly from this project implementation
  • Offset type: Milestone -> If the benefits starts from a particular milestone of project (choose the offset field value accordingly), Start Date -> if the benefits starts from Project start date, End Date -> if the benefits starts from Project end date and None -> if the benefit is between a specific financial periods duration
  • For Other than none offset type, enter the benefit duration periods in numbers.

3. In the financials tab,

  • Entered benefit: Monetary value
  • Recurring: set this field to True if the entered benefit is recurring over the duration

 

Please mark my answer helpful and accept as solution if it helped you 👍✔️

Thanks,
Anvesh

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4 REPLIES 4

Samaksh Wani
Giga Sage
Giga Sage

Hello @venkateshd 

 

Plz explain your requirement in more detail.

AnveshKumar M
Tera Sage
Tera Sage

Hi @venkateshd ,

1. In your Project form you can see a Related list called "Monetary Benefit Plans", click on a New button in the related list.

2. In the form opened, fill in the Name accordingly. And fill in the names as below.

  • Benefit type : Monetary benefits
  • Category : Soft -> If its not direct benefit, Hard -> If the benefit is directly from this project implementation
  • Offset type: Milestone -> If the benefits starts from a particular milestone of project (choose the offset field value accordingly), Start Date -> if the benefits starts from Project start date, End Date -> if the benefits starts from Project end date and None -> if the benefit is between a specific financial periods duration
  • For Other than none offset type, enter the benefit duration periods in numbers.

3. In the financials tab,

  • Entered benefit: Monetary value
  • Recurring: set this field to True if the entered benefit is recurring over the duration

 

Please mark my answer helpful and accept as solution if it helped you 👍✔️

Thanks,
Anvesh

@AnveshKumar M Thank you so much for sharing detailed info.

Prashant Moily
Mega Sage

Hi @venkateshd,

 

Planned Benefit is a term used to describe the combined monetary and non-monetary benefits of a work item. It captures the financial and non-financial advantages of benefit plans that you can associate with each other to capture potential hybrid benefit plans. 

 

On the financials tab, you'll find the following fields:

 

- Capital Expense: This is the sum of all Cost Plans where the Expense Type of the Cost Type is CapEx.

- Operational Expense: This is the sum of all Cost Plans where the Expense Type of the Cost Type is OpEx.

- Financial Benefit: This is the sum of all Benefit Plans.

- Financial Return: This is the difference between the Financial Benefit and the Total Costs.

- Total Costs: This is the sum of Capital Expense and Operational Expense.

- ROI%: This is the Financial Return divided by Total Costs, multiplied by 100.

- Score: This is calculated as (Value + Size + (1 / Risk)) divided by 3.

- Internal Rate of Return: This is the discount rate required to achieve an NPV of zero.

- Resource Planned Cost: This is the total cost of plans generated by resource plans for requested resources.

- Resource Allocated Cost: This is the total cost of plans generated by resource plans for allocated resources.

 

I hope this information helps! If it does, please mark this response as helpful and the question as answered.