Using planned benifit field in servicenow

[venkateshd]

Hello Community,

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

[Samaksh Wani]

Hello @venkateshd 

Plz explain your requirement in more detail.

[AnveshKumar M · Accepted solution]

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 👍✔️

[venkateshd]

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

[Prashant Moily]

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.