Create a monetary benefit plan for a project

  • Release version: Xanadu
  • Updated August 1, 2024
  • 4 minutes to read

    • Project benefit plans capture the potential benefits accrued by the project when the project is executed. Create a monetary benefit plan to specify the estimated benefit in a category spanning one or more fiscal periods.

    Before you begin

    Role required: it_project_manager

    About this task

    The monetary benefit plan breakdown records are automatically created when you save the benefit plan.

    Procedure

    1. Navigate to Project > Projects > All.
    2. Open the required project.
    3. In the Monetary Benefit Plans related list, click New.
      Note:
      To create a monetary benefit plan from the Financials tab in Project Workspace, click Manage.
    4. On the form, fill in the fields.
      Table 1. Benefit Plan form
      Field Description
      Name Descriptive name of the benefit plan.
      Work Project or demand to which the benefit plan belongs.
      Sponsor Sponsor for the project.
      Category Type of benefit:
      • Hard: Benefits that can be measured in terms of revenue.
      • Soft: Benefits that are measured in terms of value.
      Sub category Sub-categories of hard and soft benefits.

      The selection in Category field determines the selections available in this field.
      Benefit type Type of benefit. Select Monetary benefits.
      Offset type Field to indicate when the benefits start realizing. Select any of the following options:
      • None: The default value is None. When you select None, you need to manually enter the benefit plan start and end fiscal periods.
      • Milestone: After completion of a milestone.
      • Start Date: At the start of the project.
      • End Date: After the project ends.

      If the value in the selected offset type changes, the benefit plan start date shifts accordingly. For example, if the offset type is set to End Date and the end date of the project changes, the benefit plan start date shifts to align with the new end date of the project.
      Milestone
      Note:
      The field appears if you select Milestone in the Offset type field.
      Project milestones to which the benefit plan belongs.
      Milestone start date
      Note:
      The field appears if you select Milestone in the Offset type field.
      Start date of the selected milestone.
      Work start date
      Note:
      The field appears if you select Start Date in the Offset type field.
      Start date of the project or demand.
      Work end date
      Note:
      The field appears if you select End Date in the Offset type field.
      End date of the project or demand.
      Offset Number of periods before or after the offset type when the benefit plan starts. For example, if the offset type is selected as End Date and the offset is -2, the benefit plan is two periods prior to the project end date. If the project end date shifts, the benefit plan start date shifts to two periods prior to the new project due date.
      Duration in periods The length, in periods, of the benefit plan.
      Start fiscal period Starting fiscal period. Populated based on the value in the Offset field relative to the selected Milestone, Project or Demand start date, or Project or Demand end date, and Duration in period values.

      The field is editable if you select None in the Offset type field.

      When you change the start fiscal period, the associated benefit breakdown values also change.
      End fiscal period Ending fiscal period. Populated based on the value in the Offset field relative to the selected Milestone, Project or Demand start date, or Project or Demand end date, and Duration in period values.

      The field is editable if you select None in the Offset type field.

      When you change the end fiscal period, the associated benefit breakdown values also change.
      Associated benefit Non-monetary benefit that is associated to this monetary benefit plan.
      Table 2. Financials details
      Field Description
      Entered benefit Benefit incurred from the project or demand specified in terms of entered currency.

      If the selected currency is different from the functional currency, the corresponding budget reference rate is used to calculate the Total planned benefit of the project.
      Entered currency Currency in which you want the benefit plan to be created.
      Functional currency Currency that is obtained from the glide.system.locale property.

      For upgraded customers, if the selected currency is different from the functional currency configured in the Financial Management application, the corresponding budget reference rate is used to calculate the Total planned benefit of the project.
      Total planned benefit Estimated amount of potential benefit of the project or demand.
      Benefit in functional currency Benefit incurred from project or demand in terms of functional currency.
      Actual benefit Actual benefit that is incurred from the project or demand. This value is rolled up from the Actual benefit field of all the benefit plan breakdowns.
      Recurring Check box to indicate that the benefit is recurring for all the fiscal periods in the benefit plan.
      Note:
      When you move the project or the milestone date, the associated benefit plans also change accordingly based on whether the benefit plan is tied to the project start date, end date, or one of the project milestones. The project property Change Resource Plan, Cost Plan and Benefit Plan Start Date with Demand or Project Start Date Change controls the behavior for project date changes.
    5. Click Submit.

    What to do next

    On the Benefit Plan form, view the benefit breakdown by fiscal period in the Monetary Benefit Plan Breakdowns related list.