Oracle ERP Update 24C: Project Management
Medium Impact
Feature Enablement
Oracle Project Portfolio Management Cloud is a complete and integrated solution which dramatically improves the way project-driven organizations work, enabling efficient and effective project management while ensuring smarter business decisions based on a single source of project truth. With the 24C update, Oracle continues to build on the milestone and revenue recognition features from 24B as well as provide several additional capabilities in Planning, Scheduling and Resource Management
24C Update Features Covered:
- Milestone Billing and Revenue Recognition Enhancements
- Budgetary Control: Task or Resource Level
- Budget/Forecast Refresh from Source
1. Milestone Billing and Revenue Recognition Enhancements
For professional services industry or clients using Milestone based contracts.
Oracle built off the enhancements release in 24B in this area and delivered more capabilities including:
- Including the milestone dimension to perform analysis in Oracle Transactional Business Intelligence (OTBI) subject areas.
- Allow project managers and project administrators to provide comments to approvers and track the status of the milestone through the status change history view.
- Import contracts and their respective milestones from external applications using Enterprise Contracts File-Based Data Import.
- Use REST APIs to create and maintain milestones in contracts and project plans
Below is an example of a Milestone Dashboard created using the OTBI milestone dimension:
2. Budgetary Control at the Project Task or Lowest Resource
Quick Notes:
Control spending based on the budget allocated to project tasks, either at the top task or the lowest task of the work breakdown structure. Additionally, control spending by the amounts planned for the lowest resource within the project budget. The resource breakdown structure (RBS) allows for further granular control. For example, control labor or supplies within different departments, where the top resource represents the department, and the lowest resource represents the type of cost.
The business benefits of budgetary control by task and lowest level include:
- Improved strategy to control spending at a granular level. This reduces the risk of overspending and promotes the successful delivery of projects within budget.
- Improved monitoring of costs to bring attention to potential changes to the organization’s budget.
- Improved decision-making when using the clear, easy to understand, and refined user interface to define the spending controls.
To define the budgetary control by task or resource for a project, select the appropriate budgetary control settings on the planning options while creating the project budget.
It should be noted that task control or lowest resource control cannot be enabled on project budgets that are already set to baseline.
See this link and this link for a brief overview of budgetary control at the task or lowest resource.
3. Budget or Forecast Refresh from Source Version
Quick Notes:
You can now use refresh budgets or forecasts from the source file to reflect changes made in the source version instead of generating a new version in Oracle. This feature should increase efficiency by allowing project budgets or forecasts to be up-to-date by simply recreating the version from the source we things change.
