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

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

Use this cost to define a standard cost based on professional rates.

On a development activity, a professional-rate standard cost displays with a zero rate and a number of units equal to the number of hours entered 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. Professional categories are assigned an hourly learning rate for each professional category in Development Planning > Set Up > Costs > Professional Categories. When a resource development activity request includes a professional-rate standard cost, the system pulls the rate from the professional category to which the resource belongs. 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 Professional Rate.
Specify this information:

Effective Date

Required. Specify the effective date.

Cost Name

Specify the name of the standard cost.

Description

Specify the description of the standard cost. If you leave this field blank, the cost name defaults.

Cost Type

Required. 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 do not appear in lists.

Currency

Select the currency in which the cost will be calculated

Multiplier

If the rate for this particular cost is a fraction of the learning hourly rate specified for the professional category, specify the value by which the rate should be multiplied.

For example if you pay resources half of their rate for off-hours development activities, specify a multiplier of 0.5.

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