What is commitment amount in SAP CEC-MKT-MSM - Marketing Spend Management?

SAP Term: commitment amount

• Component: CEC-MKT-MSM

• Component Name: Marketing Spend Management

• Description: A sum of already known spend based on existing requests and orders for marketing activities and funded by a marketing budget.

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• Key Concepts: 
  Commitment amount is a term used in SAP Marketing Spend Management (CEC-MKT-MSM). It is the total amount of money that a company has agreed to spend on a particular marketing campaign. This amount is typically set in advance and is used to track and manage the budget for the campaign. 
  
  How to use it: 
  The commitment amount is set when a marketing campaign is created in SAP Marketing Spend Management. This amount can be adjusted as needed throughout the duration of the campaign. The commitment amount can be used to track the budget for the campaign and ensure that it does not exceed the agreed upon amount. 
  
  Tips & Tricks: 
  It is important to keep track of the commitment amount throughout the duration of the campaign. This will help ensure that the budget does not exceed the agreed upon amount and that any changes to the budget are accounted for. 
  
  Related Information: 
  The commitment amount can be used in conjunction with other features of SAP Marketing Spend Management, such as budgeting, forecasting, and reporting. This will help ensure that all aspects of the marketing campaign are managed effectively and efficiently.