What is 'master policy type' in SAP FS-PM - Policy Management?

master policy type - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: Attribute for a master policy that determines what effects the properties of the master policy have on the policies assigned to it. &Example& Master policy type "Non-Binding": The master policy only defines a framework, within which the assigned policies are to be active. The individual policies can differ from the properties of the master policy, and changes to the master policy must not be copied to every policy.

master policy type - Details

• 
  Key Concepts: 
  A master policy type is a template used to define the characteristics of a policy in the SAP FS-PM Policy Management component. It contains all the necessary information for creating a policy, such as the policy type, policy category, and policy conditions. The master policy type is used as a basis for creating new policies. 
  
  How to use it: 
  To create a new policy, you must first create a master policy type. This can be done by navigating to the FS-PM Policy Management component and selecting “Create Master Policy Type” from the menu. You will then be prompted to enter the necessary information for the master policy type, such as the policy type, category, and conditions. Once you have entered all of the required information, you can save the master policy type and use it as a template for creating new policies. 
  
  Tips & Tricks: 
  When creating a master policy type, it is important to ensure that all of the necessary information is entered correctly. This will ensure that any policies created using this master policy type will have all of the correct information associated with them. Additionally, it is important to remember that any changes made to a master policy type will affect all policies created using that master policy type. 
  
  Related Information: 
  For more information on creating and managing master policy