Defining flat-rate standard costs

  1. Select Learning and Development > Set Up > Costs > Standard Costs.
  2. Select New > Create Standard Cost Based On Flat Amount.
  3. 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 you leave this field blank, the cost name defaults.

    Cost Type

    Select the cost type for the standard cost.

    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 is expressed.

    Cost

    Specify a default cost amount. The amount can be changed when the standard cost is attached to an activity request.

    Include In Catalog Cost

    Select this check box if this cost is to be included in calculations for the cost that appears in the catalog.

    Note: The system calculates the catalog cost of an activity by totaling all the costs associated with the activity that have this check box selected.
    Duration Unit

    Select a duration unit or select another unit in the Other Unit field. If the duration unit matched that of the activity to which the cost is assigned, the system will multiply the cost by the number of units entered for the activity. If the duration units do not match, the system assigns one unit to the cost on the activity and a warning flag displays for the cost. In either case, you can change the number of units on the activity.

    For example, if you define a breakfast cost of $10.00 per day (DAYS unit of measure) and associate it with an activity with a duration of four days, the activity will show four units with a total of $40.00. On the other hand, if the activity expresses the duration of the activity in weeks, the cost will display as one unit and a total of $10.00. You must then adjust the number of units manually to reflect the actual total cost.

    Or Other Unit

    If you do not select a unit of measure, you can select either Hours or Per Person in this field. If you select Hours, the system will assign a number of units equal to the number of hours specified for the activity and compute the total as cost times hours. If you select Per Person, the system will assign one unit to the cost on the activity. In either case, you can change the number of units on the activity.

  4. Click Save.