What are three configuration items that you need to set up by using the Project Organizations functional area in Project Financial Management configurations? (Choose three.)
A. Manage Project Unit Organizations
B. Mange Business Unit
C. Manage Project Organization Classifications
D. Mange Project Types
E. Manage Project Unit Options
Correct Answer: ACE
Reference https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/define-project-organizations.html#OAPFM3094543 Topic-Manage Project Unit Organizations
Question 12:
While creating a new project template, you notice that a default Asset Cost Allocation method is being automatically associated. Identify the source setup from which the default value is being inherited. (Choose the best answer.)
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 asset grouping 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 Asset Cost Allocation Methods 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
Question 13:
Which two statements are true about the cross-charge method, Borrowed and Lent?
A. This method creates accounting entries that move an amount equal to the transfer price between the provider and receiver organizations within a legal entity.
B. Costs or revenue are shared based on transfer price rules with this method.
C. You must set up the contract business unit to use this method.
D. This method creates a formal internal invoice.
Correct Answer: AB
Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapjc/process-project-cost-transactions.html#OAPJC284872 What's a borrowed and lent processing method?
A method of processing cross-charge transactions that generates accounting entries to share revenue or transfer costs from the provider organization to the receiver organization within a legal entity. An internal invoice isn't created but costs
or revenue are shared based on the transfer price rules. This method provides a financial view of the performance of an organization.
Question 14:
You are managing a project based on a Waterfall model. You define a project and a project plan in Oracle Project Management with tasks and subtasks applicable to each of the phases of the project: Initiation, Discovery, Design, Build, Test, and Deploy. As a project manager, you want to define deliverables for your project requirements that are elucidated during the Discovery phase of your project. You now want to understand how the inheritance between requirements, tasks, and deliverables works.
Which two are correct statements in this scenario? (Choose two.)
A. The association of a deliverable with a task is dependent on associating a requirement with a task.
B. You associate a deliverable with a task independent of associating a requirement with a task.
C. A deliverable associated with a requirement is automatically associated with the tasks created for that requirement.
D. A deliverable associated with a requirement is not automatically associated with the tasks created for that requirement.
Correct Answer: BD
According to Oracle sources1, the inheritance between requirements, tasks, and deliverables works as follows:
You can associate a deliverable with a task independent of associating a requirement with a task. You can also associate a deliverable with a requirement independent of associating a task with a requirement1. A deliverable associated with a
requirement is not automatically associated with the tasks created for that requirement. You must manually associate the deliverable with the tasks that produce it1.
Therefore, the correct answer is B and D.
1: Can deliverables for projects and tasks be inherited from associated requirements?-docs.oracle.com (index 1)
In Oracle Project Management, you can define requirements, tasks, and deliverables for your project based on your project methodology and lifecycle. Requirements are statements of needs or expectations that must be met by the project outcome. Tasks are units of work that must be performed to complete the project. Deliverables are products or services that are produced or provided as part of a task or requirement. Two correct statements about how the inheritance between requirements, tasks, and deliverables works are: You associate a deliverable with a task independent of associating a requirement with a task. This means that you can create a deliverable for a task regardless of whether the task is linked to a requirement or not. A deliverable associated with a requirement is not automatically associated with the tasks created for that requirement. This means that you have to manually associate a deliverable with a task even if both the deliverable and the task are linked to the same requirement.
Question 15:
Which three setups can be configured by using Rapid Implementation for Project Financial Management Applications?
A. Expenditure Types
B. Project Templates
C. Work Type
D. Project Types
E. Project Class Categories
Correct Answer: ABD
Rapid Implementation for Project Financial Management Applications allows you to configure some common setups for project costing and billing using predefined templates and spreadsheets. Some of the setups that can be configured using Rapid Implementation are expenditure types, project templates, and project types. Work types and project class categories are not part of Rapid Implementation. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/implement-project-financial-management-applications.html#OAPFM2355871
Question 16:
Your administrator creates maintenance conditions on the Maintain Project Enterprise Labor Resources page. An HCM person is included in a condition with a process order value of 1 and, additionally, there are three other conditions, all with a process order value of 10. Identify two correct statements about the Maintain Project Enterprise Labor Resources process as it relates to process order values. (Choose two.)
A. The process creates a resource by using the conditions with a process order value of 10 but does not create more than one resource for the same person even if subsequent conditions apply to the person.
B. For the three conditions that have the same process order value of 10, the records are processed in ascending alphabetic order based on the condition name.
C. For the three conditions that have the same process order value of 10, the records are processed in ascending numeric order based on the condition name.
D. The process creates a resource by using the condition with a process order value of 1 but does not create more than one resource for the same person even if subsequent conditions apply to the person.
Topic-FAQs for Define Project Enterprise Labor Resources
What's the processing order of project enterprise labor resource maintenance conditions?
Records are processed by the Maintain Project Enterprise Labor Resources process in ascending order based on the process order value that you specify on the Create Condition page. For example, assume that an HCM person is included in a condition with a process order value of 1. If a resource doesn't already exist for that person, then the process creates a resource for the condition with the process order value of 1. The process doesn't create more than one resource for the same person even if subsequent conditions apply to the person.
If multiple conditions have the same process order value, then records are processed in ascending alphabetic order based on the condition name.
Question 17:
When scheduling the Update Project Performance Data process to run on a periodic basis, which summarization method would you select? (Choose the best answer.)
A. Bulk
B. Detail
C. Incremental
D. Summary
Correct Answer: C
Reference https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/define-project-organizations.html#OAPFM177674 Settings That Affect Performance Data Summarization You can summarize performance data for a
project unit, business unit, a range of projects, or projects managed by a project manager. When you run the Update Project Performance Data process from the Scheduled Processes page, select one of the summarization methods from the
following table:
Summarization Method
Usage
Incremental
Summarizes new transactions that are yet to be summarized Delete and re-summarize
Correct summary data when the source system data changes outside the regular transaction flow.
Do not use this summarization method when you run the Update Project Performance Data Without Producing Report process unless you are advised to do so.
Resource breakdown structure
Migrate all summary data from one resource breakdown structure version to the next. If you select this option, you must also specify the resource breakdown structure header.
Question 18:
You have a billable project for which the following details are provided: Associated Inception-To-Date (ITD) Project Actual Cost: USD 60
Associated Project Budgeted Cost: USD 300
Contract Amount: USD 1000
Project Funded Amount: USD 750
Sum of Existing Revenue Events: USD 80
Identify the Associated Project Spent revenue that will get generated based on the preceding details. (Choose the best answer.)
A. USD 184
B. USD 120
C. USD 134
D. USD 70
Correct Answer: D
Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapjb/manage-project-contract-revenue.html#OAPJB164173 Associated Project Percent Spent Example The following formula calculates the percent spent revenue for the associated project. ((Sum of ITD Actual Cost for every subtask that is part of the associated task / Sum of Total Budgeted cost for every task that is part of associated task) x Associated Project Funded Amount) ?Sum of Existing Invoice Event Amounts for the Associated Project ((60/300) x 750) ?80 = 70 ((Actual Cost / Budgeted Cost) x Budgeted Revenue) ?Sum of Revenue Event Amount
Question 19:
Which three tasks can be performed using the project requirements work area? (Choose three.)
A. creating projects and tasks in the context of backlog items.
B. creating issues for the backlog items.
C. adding scrum master to backlog items.
D. tracking backlog item status from the requirement storyboard.
E. creating change orders for the backlog items.
Correct Answer: ABD
The project requirements work area is a work area that allows you to define and manage requirements for your projects using various methods and sources. Requirements are statements of needs or expectations that must be met by the project outcome. Backlog items are a type of requirement that are used for agile projects that follow an iterative and incremental approach. Three of the tasks that can be performed using the project requirements work area are: creating projects and tasks in the context of backlog items: This task allows you to create new projects and tasks or link existing projects and tasks to backlog items. This helps you to plan and execute the work that is required to fulfill the backlog items. creating issues for the backlog items: This task allows you to create new issues or link existing issues to backlog items. Issues are problems or risks that affect the progress or outcome of a project or requirement. This helps you to track and resolve the issues that are related to the backlog items. tracking backlog item status from the requirement storyboard: This task allows you to view and update the status of backlog items from the requirement storyboard. The requirement storyboard is a graphical representation of the progress and completion of backlog items using various stages and lanes. This helps you to monitor and control the delivery of backlog items. Adding scrum master to backlog items and creating change orders for the backlog items are not tasks that can be performed using the project requirements work area. Adding scrum master to backlog items is a task that can be performed using the project team work area, as scrum master is a role that is assigned to a project team member who facilitates and coordinates the agile project activities. Creating change orders for the backlog items is a task that can be performed using the project change management work area, as change orders are documents that capture and approve changes to a project scope, schedule, or budget. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-execution.html#OAPFM2356321
Question 20:
Your client has decided to import time cards into Project Costing from Oracle Fusion Time and Labor. They have a requirement to make adjustments to time card entries whenever needed.
In which work area will the employees and contingent workers be able to modify their time cards?
A. Both Time and Cost
B. Cost
C. Asset
D. Time
Correct Answer: D
The employees and contingent workers will be able to modify their time cards in the Time work area. This work area allows them to enter, review, edit, and submit their time cards for approval. They can also view the status and history of their time cards and make corrections as needed. The Time and Cost work area allows the project managers and cost accountants to review, adjust, and transfer time card transactions to projects and tasks. The Asset work area allows the asset managers and cost accountants to review, adjust, and transfer asset transactions to Oracle Fusion Assets. These work areas are not used by the employees and contingent workers to modify their time cards. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-time-and-labor.html#OAPFM2356221
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