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10-12-2023 08:34 AM
Hello Community,
I see a field called planned benifit in project record form -> financials tab. How this field is used in the project record?
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10-13-2023 02:14 AM
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 👍✔️
Anvesh
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10-13-2023 01:18 AM
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10-13-2023 02:14 AM
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 👍✔️
Anvesh
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10-13-2023 02:47 AM
@AnveshKumar M Thank you so much for sharing detailed info.
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10-13-2023 02:17 AM
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.