Create a non-monetary benefit plan for a project

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

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

    Before you begin

    Role required: it_project_manager

    About this task

    The non-monetary benefit plan breakdown records are automatically created when you save the benefit plan by selecting Automatic or Manual in the Breakdown Type field. The non-monetary benefit plan breakdown records specify the estimated and actual non-financial benefits at a granular level for specific fiscal periods, such as FY16: April and FY16: May. The Non-monetary Benefit Plan Breakdowns related list shows the aggregated benefits for estimated and actual non-financial benefits for each fiscal period for the project.

    Procedure

    1. Navigate to Project > Projects > All.
    2. Open the required project.
    3. Click the Non-monetary Benefit Plans related list.
    4. To create a non-monetary benefit plan, click New.
    5. 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 Subcategories of hard and soft benefits.

      The selection in the Category field determines the selections available in this field.
      Benefit type Type of benefit. Select Non-monetary benefits.
      Offset type Field to indicate when the benefits start to be realized. Select any of the following options:
      • None: The default value is None. When you select None, you must 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 field changes, the benefit plan start date shifts accordingly. For example, if the Offset type field 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 Project milestones to which the benefit plan belongs. This field appears only when Milestone is selected from the Offset type field.
      Milestone start date Start date of the selected milestone. This field appears only when Milestone is selected from the Offset type field.
      Work start date Start date of the project or demand. This field appears only when Start Date is selected from the Offset type field.
      Work end date End date of the project or demand. This field appears only when End Date is selected from the Offset type field.
      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/Demand start date, or Project/Demand end date, and Duration in periods field 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 Monetary benefit that is associated to this non-monetary benefit plan.
      Table 2. Non-monetary Details
      Measure Type of measure for the non-monetary benefit plan. The measure types are Count, Percentage, Hours, Days, and Score.

      Select the option Yes/No to track the benefits that are not quantifiable. When this option is selected, the only field available is Benefits achieved. You can select the check box to indicate that the benefits have been achieved.
      Non-monetary entered benefit

      Estimated value of the potential benefit.

      Any change in the planned benefit on the benefit plan updates the associated benefit breakdown values for future fiscal periods only.
      Non-monetary planned benefit Benefit value that is rolled up from the benefit breakdown.
      Benefits achieved Option to indicate if the benefit is achieved.
      Breakdown type Type of breakdown creation when you save the benefit plan.
      • None: No breakdowns are created.
      • Automatic: A Non-monetary Benefit Plan Breakdowns record is created automatically with data. The breakdown is calculated linearly.
      • Manual: A Non-monetary Benefit Plan Breakdown record is created automatically but without data in the Entered benefit column.
      Aggregation mode Determines how the roll-up happens from breakdowns to the benefit plan and updates the values in the Non-monetary planned benefit and Non-monetary actual benefit fields.
      • Sum: Aggregates data from all breakdowns.
      • Average: Average value from all breakdowns.
      • Most recent: Recent breakdown value.
      • Max: Maximum value among the breakdowns.
      • Min: Minimum value among the breakdowns.
      Non-monetary actual benefit Actual benefit value that is rolled up from the actual benefit in the non-monetary benefit plan breakdown.
      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.
    6. Click Submit.

    What to do next

    • On the Benefit Plan form, view the benefit breakdown by fiscal period in the Non-monetary Benefit Plan Breakdowns related list.
    • Associate monetary and non-monetary benefit plans, so that you can capture the potential benefits (financial and non-financial) accrued by the project for the hybrid benefit plans.