1. Working with Planning Modules
  2. Working With Projects
  3. Adding Projects and Entering Project Details

Adding Projects and Entering Project Details

After defining project assumptions, add projects and enter project details. Some project attributes are predefined but you can change them in the Project Details. You can choose from these project types:

Table 6-2 Project Types

Project Type Description

Contract project icon Contract projects

Manage revenue-generating projects. Includes three types of projects with different ways of generating revenue:

  • Time and materials projects, including labor, equipment, materials

  • Fixed price projects

  • Cost plus projects

Contract projects are the only projects where you can plan revenue.

Indirect project icon Indirect projects

Manage expense-driven internal projects such as IT and maintenance.

Capital project icon Capital projects

Manage projects related to assets, with the ability to capitalize assets.

Adding Projects

To add a new project:

  1. Click Project Summary Project Summary icon.

  2. Select the vertical tab for the type of project you want to add (Contract, Indirect, or Capital) and then click Project Details.

    You see tabs only for the project types that are enabled.

  3. From the Actions menu, select Add Project.

  4. Enter a project name, description, and start and end dates.

  5. If your administrator enabled integration between EPM Planning Projects and Project Management, enter a project number and select a Project Management template to associate with the project. The project number must be 25 characters or less. Don't change this project number later.

  6. Add project details. Project details vary depending on the project type.

    For Contract projects, you also specify the project type (time and materials, fixed price, cost plus). If Revenue is enabled for contract projects, you also specify:

    • Revenue Recognition—when the revenue will be recognized:
      • Monthly, Quarterly, or Semiannually
      • After Completion
      • When Billed—When you select this method, you must also specify the period and year for revenue recognition in the Revenue Obligation Details form. See Defining Revenue Recognition Obligation Details.
      • Performance Obligation—Allows you to recognize revenue based on a percent completion method based on actual completion of the contract. You define performance obligation details and the % allocation that would determine the transaction prices, which allows you to simulate recognized revenue. This method can help you simulate the US GAAP ASC 606 and IFRS 15 requirements for contract projects. When you select this method, you specify the performance obligation details, revenue recognition percentages, and the period and year for revenue recognition in the Revenue Obligation Details form. See Defining Revenue Recognition Obligation Details.
    • Revenue Cash Flow Incidence—how revenue cash flow is recognized.

Note:

If the project is set up with Override Rates set to Yes, planners can override the global standard rate (set by administrators) when setting up revenue and expense drivers.

Tutorials

Tutorials provide instructions with sequenced videos and documentation to help you learn a topic.

Your Goal Learn How
This 30-minute tutorial shows you how to add an indirect project and define assumptions for standard rates and work time.

tutorial icon Adding Indirect Projects