6.2 Budget Monitoring & Cost Management

Question 1

Describe the Budget Monitoring application

Answer 1

allows the user to create budget records to monitor transactions in a financial period

Question 2

Budget Monitoring application

What can a financial period be defined as?

Answer 2

Year, Financial Period (as per Chart of Accounts) or a manually defined start and end date

Question 3

Budget Monitoring application

Benefit of monitoring budget costs

Answer 3

helps ensure that projects or activities stay within an agreed budget and improves estimation of future project costs

Question 4

Budget Monitoring application

How are budget records created?

Answer 4

configuring focal points and calculation rules

Question 5

Define focal points

Answer 5

represent the item that is being monitored in the budget record

Question 6

Budget Monitoring application

How are budget lines generated?

Answer 6

Generate Budget Lines action

Question 7

Budget Monitoring application

What is entered into budget lines?

Answer 7

budget amounts

Question 8

Budget Monitoring application

What are calculation rules based on?

Answer 8

estimated, committed, and actual costs

Question 9

Budget Monitoring application

What do budget reports do?

Answer 9

provide a summarized and detailed view of costs by status such as estimated, committed, and actual costs, and compare them with related budgeted amounts

Question 10

What is the Cost Management application used for?

Answer 10

used with an external project costing system to track project costs and manage budgets more effectively

Question 11

How does the Cost Management application help track financial resources required to complete a project?

Answer 11

By creating a project in the Cost Management application and linking work orders to that project in the Work Order Tracking application

Question 12

What integration does the Cost Management application support?

Answer 12

integration of the enterprise application management system and Oracle® Projects applications

Question 13

What is required for the Cost Management application integration?

Answer 13

Adapter for the Oracle® application is installed

the projects interface is activated

Question 14

Benefit of the Cost Management application integration?

Answer 14

Cost Management application can retain projects, tasks, and cost summary information from Oracle® Projects