Defining and maintaining standard costs based on resource rates (learning budgets only)

Note: Not applicable if you are using Infor Learning Management.

Use this cost to define a resource-rate standard cost.

On a development activity, a resource-rate standard cost displays with a zero rate and a number of units equal to the number of hours specified for the development activity. The rate itself is calculated when the cost is associated with a resource by way of a resource development activity request. On the development activity request, the system pulls the rate from the resource's record. If the cost has a multiplier, the system multiplies the rate by the multiplier. The system also multiplies the resulting rate by the number of units on the development activity.

Select Development Planning > Set Up > Costs > Standard Costs.
Select New > Create Standard Cost Based On Resource Rate.
On the Calculation Based on Resource Rate form, specify this information:

Effective Date

Specify the effective date.

Cost Name

Specify the name of the standard cost

Description

Specify the description of the standard cost. If left blank, the cost name defaults.

Cost Type

Select the cost type for the standard cost.

Note: (French localization only) To use this standard cost to track hours outside of work, select a cost type that is defined to use for that purpose.

Active

Select this check box to make the standard cost active. Inactive standard costs are not displayed in lists.

Currency

Select the currency in which the cost will be calculated

Other Pay Type

Select the "Other Pay Type" that will be used in calculating this cost. The "Other Pay Type" selected in this field must be defined in Infor HR Talent Set Up and assigned to resources for which the cost will be used. This can be an assigned rate, or a fraction of the resource's salary rate. For example, a "Learning Rate" can be defined for off-hours development activities.

Multiplier

If the rate for this particular cost is a fraction of the rate derived from the "Other Pay Type," specify the value by which the rate should be multiplied.

For example, if you pay a resource half the rate identified in the "Other Pay Type" field for off-hours development activities, specify .5.

The default multiplier value is 1. It can be greater than 1.
Click Save.
Maintaining standard costs based on resource rates:
- To update a standard cost, open the standard cost, update any of the fields, select an effective date, and save.
- To delete a standard cost, open the standard cost, specify an effective date, click Delete, and click Yes to confirm.