Free Oracle 1z0-1057-24 Practice Exam with Questions & Answers | Set: 2

Project type is a classification that defines the common attributes and processing options for projects. Some of the correct statements about project type are:

Project type can be used as a source in subledger accounting. This allows you to create accounting rules based on the project type attribute.

Summarization options can be specified at project type. This allows you to control how the project transactions are summarized for reporting and performance purposes.

Project type can be associated with multiple project units. This allows you to share the same project type across different business units or organizations. Project type cannot be enabled for both billing and capitalization, as these are mutually exclusive options. Classifications cannot be assigned at project type, but at project or task level. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio- management/20c/oapfm/set-up-project-financial-management.html#OAPFM2355971

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio- management/19a/fapfm/introducing-oracle-project-portfolio-management-cloud-services.html#FAPFM428138

Topic - Project Foundation Profile Options

Profile Option Name - Task Managers Must Be Project Team Members

Description - Specify whether task managers must be project team members.

Values – No (Default) /Yes

Setup Task Name -Require Task Managers to be Project Team Members

Referencehttps://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/define-project-organizations.html#OAPFM30945 43

Topic - Manage Project Unit Organizations

To fix the problem of project resources not reporting their time promptly, you should enable track missing time at project unit. This option allows you to track and report on missing time entries for project resources based on their work assignments and schedules. You can also set up notifications and reminders to prompt resources to enter their time on a regular basis. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-time-and-labor.html#OAPFM2356011

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/p roject-control-configuration-manage-financial-and-project-plan-types.html#OAPFM75315

Financial and Project Plan Setup Options

The following table describes the basic budget, forecast, or project plan setup options that determine how a plan type is used in the context of a project. Except for third-party scheduling, you can't edit these options at the project level.

Option

Location

Description

Planning amounts

Financial plan type

Indicates that the financial plan type supports the creation of versions with the following amounts:

Cost amounts

Revenue amounts

Both cost and revenue amounts

Either cost or revenue amounts

Approved budget or primary forecast

Financial plan type

Determines whether a financial plan type is used for creating approved budget versions or primary forecast versions that are used for plan comparison or project performance reporting.

Default financial plan type

Financial plan type

Determines whether the financial plan type is the default selection when you create budget or forecast versions.

Workflows

Financial plan type

Enables the use of a workflow for managing budget or forecast status changes.

Third-party scheduling software

Project plan type

Indicates whether project planning is performed in Microsoft Project.

If third-party scheduling is disabled in the project plan type, you can use the associated project or project template to create a project in Microsoft Project. However, you can't export the new project or link it to one created in Oracle Fusion Project Portfolio Management.

Multiple transaction currencies

Financial and project plan type

Enables entry of plan amounts in currencies other than the project currency.

Budgetary control settings

Financial plan type

Manages options for creating control budgets in Oracle Fusion Budgetary Control.

Referencehttps://docs.oracle.com/cd/E51367_01/projectop_gs/OAPJC/F1071488AN1004C.htm

To import and process third-party transactions that are costed and accounted, you need to set the Transaction Source Options for the transaction source that you use to import the transactions. The Transaction Source Options allow you to specify whether the transactions are costed and accounted by the source system or by Oracle Fusion Cost Management. You can also specify whether to validate and transfer costs and accounting entries to projects and general ledger.Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-costs.html#OAPFM2355941

Ref:https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49622/F1125394AN6D254.htm

Primavera P6 Enterprise Project Portfolio Management and Oracle Fusion Project Portfolio Management: How They Work Together

Use Oracle Fusion Project Integration Gateway to integrate Oracle Fusion Project Portfolio Management with Primavera P6 Enterprise Project Portfolio Management. The integration enables project accountants, project billing specialists, and executives to centrallyperform project costing, billing, accounting, and executive reporting tasksin Oracle FusionProject Portfolio Managementwhileenabling each project manager to perform detailed project planning and scheduling in Primavera P6Enterprise Project Portfolio Management.

Oracle Fusion Project Integration Gateway ensures data security, integrity, and efficiency by defining a set framework in which data is exported from and imported into Oracle Fusion Project Portfolio Management.

The following table and diagram provide an overview of the flow of information.

Information Type

From Application

To Application

Global integration information

Oracle Fusion Project Portfolio Management

Primavera P6 Enterprise Project Portfolio Management

Projects and task definition

Oracle Fusion Project Portfolio Management

Primavera P6 Enterprise Project Portfolio Management

Summarized project actual quantity and cost

Oracle Fusion Project Portfolio Management

Primavera P6 Enterprise Project Portfolio Management

Project plans and progress

Primavera P6 Enterprise Project Portfolio Management

Oracle Fusion Project Portfolio Management

Billing events

Oracle Fusion Project Portfolio Management

Primavera P6 Enterprise Project Portfolio Management

Event completion

Primavera P6 Enterprise Project Portfolio Management

Oracle Fusion Project Portfolio Management

Ref:https://docs.oracle.com/en/cloud /saas/project-portfolio-management/19a/oapem/analyze-project-management-performance.html#OAPEM1313471

Topic - Project Labor Demand: How It's Calculated

Settings That Affect Project Labor Demand

Project application administrators must do the following to set up how project labor demand is calculated:

Organize projects into hierarchical groups on the Manage Enterprise Project Structure page.

Change the quarterly FTE hours for the organization on the Define Project Management Implementation Options page, if different from 520 hours.

Note: You can choose to view labor demand annually instead of quarterly.The Project Hierarchy Viewer uses thecurrent dateto determine which year or quarter to display.

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/proj ect-foundation-configuration-define-types-and-categorizations.html#OAPFM222700

Topic - Manage Project Class Categories

Setting Up Class Categories: Points to Consider

Available as Accounting Source

This option indicates if theclass category is available as an accounting source so that Oracle Fusion Subledger Accounting can use the category to create mapping sets, account rules, journal line rules, and description rules.

Only one class category at a time is available as an accounting source in Oracle Fusion Subledger Accounting. To change the class category that Oracle Fusion Subledger Accounting uses, deactivate the old class category and create a new one with a different date range.

The Accounts Member component of performance measures allows you to select the method that is used to measure accounts such as budget, forecast, and actual. The Accounts Member component defines the account dimension member for the performance measure, which represents the financial data that is measured. You can also specify the aggregation rule and calculation method for the account dimension member. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-performance-reporting.html#OAPFM2356081