What is classification in SAP FS-PM - Policy Management?

SAP Term: classification

• Component: FS-PM

• Component Name: Policy Management

• Description: Describes the operating activities of an organization in the context of US commercial liability insurance. Examples Bakery Caterer Laundry

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• Key Concepts: 
  Classification in SAP FS-PM Policy Management is the process of assigning a set of characteristics to an object. This allows for the object to be grouped with other objects that share similar characteristics. This process helps to organize and manage objects within the system. 
  
  How to use it: 
  In SAP FS-PM Policy Management, classification is used to assign characteristics to objects. This can be done by selecting the object and then selecting the desired characteristics from a list of available options. Once the characteristics have been assigned, the object can be grouped with other objects that share similar characteristics. 
  
  Tips & Tricks: 
  When assigning characteristics to an object, it is important to consider how the object will be used in the system. This will help ensure that the correct characteristics are assigned and that the object is grouped with other objects that are relevant to its purpose. 
  
  Related Information: 
  Classification is a key component of SAP FS-PM Policy Management and is used to organize and manage objects within the system. It is important to understand how classification works in order to effectively use SAP FS-PM Policy Management.