Defining and maintaining flat-rate standard costs

  1. Select Development Planning > 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.

    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.

    Unit Of Measure

    Select a duration unit or select another unit in the Other Unit field. If the duration unit matched that of the development 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 development activity and a warning flag displays for the cost. In either case, you can change the number of units on the development activity.

    For example, if you define a breakfast cost of $10.00 per day (DAYS unit of measure) and associate it with a development activity with a duration of four days, the development activity will show four units with a total of $40.00. On the other hand, if the development 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 development 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 development activity. In either case, you can change the number of units on the development activity.

    Note: (French localization only) If you selected an hours outside of work pay type, you must select Hours in this field.
    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 a development activity request.

    Last Updated

    When you save the standard cost, the system saves the effective date that the cost is created in this field.

    The system updates this field any time the standard cost is updated.

    Include In Catalog Cost

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

    Note: The system calculates the catalog cost of a development activity by totaling all the costs associated with the development activity that have this check box selected.
    Use Session Contract Cost Per Person As The Actual Cost Per Unit

    If you use learning budgets, select this check box if you want the actual cost per unit to be the contract cost per person whenever a contract exists. This cost is calculated when a resource is registered for a session for which there is a provider contract.

    2483 Maximum Cost

    (France localization only) If applicable, type the maximum amount per unit allowed for this cost on the 2483 form.

  4. Click Save.
    Maintaining flat-rate standard costs:

    • 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.

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