Pass the Oracle Project Financials Management Cloud 1z0-1057-24 Questions and answers with CertsForce

 Project Management is the product offering that enables you to collaboratively plan and deliver projects by leveraging intuitive and integrated scheduling tools. Project Management allows you to create and manage project plans, tasks, deliverables, issues, milestones, gates, etc. using various methods and sources. You can also monitor and control project progress and performance using dashboards and reports. Resource Management is the product offering that enables you to optimize the utilization and allocation of resources for projects and tasks. Resource Management allows you to create and manage resource requests, assignments, pools, calendars, etc. using various criteria and sources. You can also monitor and analyze resource availability and demand using dashboards and reports. Project Control is the product offering that enables you to simplify the planning, budgeting, and forecasting capabilities for projects and tasks. Project Control allows you to create and manage project budgets, forecasts, financial plans, etc. using various methods and sources. You can also monitor and control project costs and variances using dashboards and reports. Project Costing is the product offering that enables you to capture and process project costs from various sources and applications. Project Costing allows you to create and manageproject transactions, expenditures, assets, etc. using various rules and options. You can also generate project costing and accounting entries using dashboards and reports. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/overview-project-financial-management.html#OAPFM2356301

Referencehttps://docs.oracle.com/cloud/latest/projectcs_gs/FAPFM/FAPFM1192914.htm

Topic – Creating Calendars for Projects and Resources: Procedure

Project Schedules are used as a base for project and resource calendars in Project Execution Management applications. The smallest scheduling unit is a day. For example, you can define the number of hours in a day but, you can't schedule work for a specific time of the day.

The following are the elements of a schedule:

Shifts

Workday patterns

Exceptions

Reference https://docs.oracle.com/cloud/latest/projectcs_gs/OAPFM/OAPFM1125361.htm#OAPFM1125277 (what’s a work type?)

In billing, you can use work types to classify work for the following purposes:

To determine the default billable status of expenditure items.

To classify cross-charge amounts into cost and revenue for cross-charge transactions.

Tip:To use work types to determine whether an expenditure item is billable you must set the profile option Work Type Derived for Expenditure Item toYes.

When you create or import expenditure items, the default work type is inherited from the associated task. Tasks, in turn, inherit work type values from parent tasks and ultimately from the project.Project types determine the default work type value for projects and project templates.

Referencehttps://fusionhelp.orac le.com/helpPortal/topic/TopicId_P_8718794B26A7BB93E040D30A688149A3

To perform revenue recognition based on the Labor and Non-labor Burden schedule types, you need to create a revenue method with a revenue method classification of Rate Based. This classification allows you to use the burdened cost rates of labor and non-labor resources as the basis for revenue recognition. The burdened cost rates are derived from the burden schedules that are assigned to the project or task. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-revenue.html#OAPFM2355981

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapjs/update-project-perfor mance-data-and-generate-kpis.html#OAPJS16654

Performance Status Indicator

Performance status indicators give an immediate picture of the status of a project, such as critical, at risk, and on track. Each distinct icon indicates the status and severity of performance. During KPI definition, you first associate status indicators with performance statuses:

Critical

Severe

At risk

On track

Ahead

You then associate these statuses with threshold levels. When KPI values are generated for a project, each value is compared to the defined thresholds and the corresponding status indicator for the KPI appears on project performance reports.

A status can identify negative performance so that you can take the appropriate actions to prevent or quickly resolve problems. Conversely, a status can identify positive performance to help you track expected or excellent performance.

https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/fapfm/implementing-project-financial-managemen t-applications.html#FAPFM975706

Create Key Performance Indicators

Create key performance indicators (KPI) to measure how well your organization performs an operational, tactical, or strategic activity that is critical for the current and future success of the organization.

Note: To create KPIs you must enable a project unit to track key performance indicators.

Use the Threshold Levels section to specify thresholds to indicate the health status of a KPI. Select one of the following options:

Multiple threshold levels

Single threshold level value

Single threshold level range

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/fapfm/implementin g-project-execution-management-applications.html#FAPFM1724547

Topic – Submitting the Process to Maintain Project Resource Search Index: Procedure

Submit the Maintain Project Resource Search Index job set to update the resources that appear on the Search and Evaluate Resources page when a resource manager searches for resources to fulfill project resource requests. The job set consists of a set of processes that facilitate efficient and rapid searches for qualified resources.

Resource managers can't search for resources or view resource details if the search index isn't available for a project resource request with qualifications or keywords. For project resource requests without qualifications and keywords, resource managers can search for and evaluate resources based on resource availability even if the search index isn't current or available.

Caution:The search index isn't available if the Maintain Project Resource Search Indexjob set process fails, orwhile the process is running.

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-manag ement/19a/oapfm/project-foundation-configuration-manage-project-types.html#OAPFM220111

Topic – Asset Cost Allocation Methods: Explained

The asset cost allocation method determines how indirect or common costs incurred on a project are allocated to multiple assets.

You can specify an asset cost allocation method to enable Oracle Fusion Project Costing to automatically allocate unassigned asset lines and common costs across multiple assets. Unassigned asset lines typically occur when more than one asset is assigned to an assetgrouping level.

Projects and project templates inherit a default asset cost allocation method from the associated project type. You can override the default at the project level. If you use capital events to allocate costs, then you can also override the asset cost allocation method at the event level.

The following table describes the available asset cost allocation methods.

Method

Basis of Cost Allocation

Actual Units

Number of units defined for each asset

Current Cost

Construction-in-process (CIP) cost of each asset

Estimated Cost

Estimated cost of each asset

Standard Unit Cost

Combination of the standard unit cost and the number of units defined for each asset

Spread Evenly

Equal allocation of cost to each asset

The option that allows you to achieve this requirement is Appearance Page. This page allows you to create and apply a new theme for the application user interface by selecting various options such as colors, fonts, logos, etc. You can also preview and publish your theme changes using this page. Structure Page is not an option that allows you to achieve this requirement. This page allows you to customize the structure and layout of the application user interface by adding or removing components such as regions, tabs, fields, etc. Setup and Maintenance Work Area is not an option that allows you to achieve this requirement. This work area allows you to perform various setup tasks for implementing and configuring Oracle Fusion applications using predefined templates and spreadsheets. User Interface Text is not an option that allows you to achieve this requirement. This option allows you to customize the text and labels of the application user interface by editing or translating them using various tools such as Text Editor or Translation Workbench.Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/set-up-project-financial-management.html#OAPFM2356331

Referencehttps://docs.oracle.com/en/cloud/saas/applications-common/r13-update17d/faser /implementing-security-in-oracle-fusion-project-portfolio-management.html#FASER1722595

Ref to “Securing Project Financial Management and Grants Management Applications”

Table lists predefined enterprise roles and the type of security that grants the role access to data in a work area or dashboard.

Enterprise Role

Work Area or Dashboard

Data Security Based On

Project Accountant

Asset

Project business unit

Project Accountant

Costs

Project expenditure business unit

Project Accountant

Revenue

Contract business unit

Project Administrator

Project Financial Management

Project business unit

Project organization

Project Billing Specialist

Invoices

Contract business unit

Project Creator

Project Financial Management

Project business unit

Project organization

Project Management Duty

Project Management Infolet Dashboard

Project assignment

Project Management Duty

Project Performance Dashboard

Project assignment

Project Manager

Project Management Infolet Dashboard

Project assignment

Project Manager

Project Performance Dashboard

Project assignment

Project Manager

Project Management

Project assignment

Project Manager

Project Manager Dashboard

Project assignment

Project Team Member

Project Financial Management

Project assignment

Grants Accountant

Invoices

Contract business unit

Grants Accountant

Revenue

Contract business unit

Grants Administrator

Awards

Contract business unit

Grants Administrator

Contracts

Contract business unit

Grants Administrator

Project Financial Management

Project business unit

Principal Investigator

Awards

Award assignment

Principal Investigator

Contracts

Award assignment

Principal Investigator

Project Financial Management

Project assignment