Slide 4 - Oracle Project Portfolio Management Cloud Release 9

Automatically_+Create_Control_Budgets_for_
a_Project / Saturday, December 29, 2018

Slide 4 - Oracle Project Portfolio Management Cloud Release 9

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Hello, my name is Eric. Welcome to the Release 9 Training for Oracle Project Portfolio Management Cloud Project Control Enhancements. In this session, we’ll cover the enhancements we have developed in this release to Automatically Create Control Budgets for a Project or an Award.

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Slide 5 - Agenda

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For the enhancements covered in this training, we’ll give an overview, followed by more detail to explain how you can use them, and what business value they bring.

Then we’ll walk you through a demonstration of the features being presented.

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Slide 6 - Enhancements Overview

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In this presentation, we show how the new Release 9 features in Oracle Fusion Project Control enable your Project Managers and Principal Investigators to set up and create control budgets automatically through their budgeting process.

A control budget is a budget that is created in the Financials application to prevent overspending budgeted amounts. This is extremely useful for government and higher education customers that have limited funds and cannot afford to overspend their budgets.

Project Managers and Principal Investigators have many demands on their time. Entering data multiple times should not be one of them. The ability to automatically create control budgets for a project or an award satisfies this requirement on many fronts. The design is fresh, simple and easy to use, and best of all automated behind the scenes. With minimal centralized setups your Project Managers and Principal Investigators are free to focus on the content of the budget rather than the creation. As the project or award budget is set to baseline, the control budgets are created, balances are uploaded and control budget periods are opened for use. This means that your company can control expenses against the project or award immediately without any additional effort from your Project Managers, Principal Investigators or administrative staff.

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Slide 7 - Automatically Create Control Budgets for a Project

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In the normal process of creating project budgets, Project Managers set up the budget to meet their reporting needs on the manage version details page. By adding the control budget setups on that page, Project Managers encounter a familiar format and can easily review the settings for the control budgets. Project Managers can review and change which control budgets are created and at what level they are controlled. For controlling at the Top Resource level, Oracle Fusion Project Control uses the Planning Resource Breakdown Structure defined in the Plan Settings tab to identify the top resources.

The control budgets available are Project and Top Resource. A Project control budget controls at an overall project level only and does not break amounts into different sub categories. The top resource control budget looks at the resource breakdown structure used and summarizes the budgeted amounts by the top level resources. An example of a top level resource would be a resource class like Labor or Expenses.

There are several control levels available to budget at, Absolute, Advisory and Track. Controlling at an absolute level means that funds cannot exceed the budgeted amounts with tolerances. The funds check will report back to the user that an error has occurred and the purchase cannot be allocated against these funds. Controlling at an advisory level means that funds can exceed the budgeted amounts with tolerances, but the user is warned that the purchase being checked has exceeded the funds. Controlling at the track level means that funds can exceed the budgeted amounts with tolerances and the user will not be warned when the funds have been exceeded.

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Slide 8 - Automatically Create Control Budgets for a Project

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Project Managers assign resources to their project budgets and apply amounts to those resources. The amounts entered for a resource are spread across each period defined by the resource assignment start and end dates. Each resource can have different start and end dates and the periods will be populated accordingly. The periodic resource assignment amounts form the basis for defining the amounts that will be used in the control budget balances.

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Slide 9 - Automatically Create Control Budgets for a Project

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The final step Project Managers perform while creating a project budget is to review amounts and quantities. They have the ability to compare the current version of the budget against other versions and to view any differences. Once satisfied that the budget version is correct and ready to use, Project Managers create the baseline version. During this process the control budgets are created and the balances are uploaded to the control budgets.

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Slide 10 - Automatically Create Control Budgets for an Award

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Principal Investigators can automatically create control budgets during their award creation process. They will benefit from the same enhanced processes as the Project Manager does. The calendar defined on the award is transferred to the control budget, including the pre-award date and close date to support pre-award and close out processing. The control budget calendar is based on whether the award is enabled for expanded authority or not. In case of expanded authority, the control budget uses the entire award duration including pre-award date and close date as one period to enforce spending limits. In case of restricted spending, the control budget uses the individual budget periods defined in the award to enforce spending limits.

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Slide 11 - Automatically Create Control Budgets for a Project and an Award

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In summary, the automatic integration between Oracle Fusion Project Control and Oracle Fusion Budgetary Controls enables Project Managers and Principal Investigators to enhance the control over their budget costs through the same project budget creation process they currently follow. The control budgets are created and the budget balances are uploaded automatically so the budgets are ready to use. This is a huge time savings for your project managers and principal investigators so they can focus on the execution of their projects or awards.

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Slide 43 - Summary of Enhancement Capabilities

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In Summary, we learned about the tight integration between Oracle Fusion Project Control, Oracle Fusion Grants Management and Oracle Fusion Budgetary Controls. The key components allow you to:

Create control budgets during the project or award creation process

Control costs and ensure budgeted funds are available before transactions are approved

Conform to organizational budget policies and award policies

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Slide 44 - Slide 44

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So that concludes the audio portion of this presentation, thank you for listening. There is no audio in the implementation advice section.

You can pause, rewind, or advance any of these slides to take in the detail at your own pace.