What is policy time model in SAP FS-PM - Policy Management?

SAP Term: policy time model

• Component: FS-PM

• Component Name: Policy Management

• Description: A time model that controls, for cross-contract processing at policy level, the dates that are processed by the time model functions and the sequence of processing at contract level. The PTM determines the sequence of processing for the policy and the related contracts and takes account of the dependency plan to position the policy as a whole.

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• Key Concepts: 
  The policy time model in SAP FS-PM Policy Management is a tool used to define the time frames for policy management processes. It allows users to define the start and end dates for policy management processes, such as policy creation, policy review, and policy approval. The policy time model also allows users to define the duration of each process, as well as the frequency of each process. 
  
  How to use it: 
  To use the policy time model in SAP FS-PM Policy Management, users must first define the start and end dates for each process. This can be done by entering the start date and end date for each process in the appropriate fields. Once the start and end dates have been defined, users can then define the duration of each process by entering the number of days or weeks that each process should take. Finally, users can define the frequency of each process by selecting a frequency option from a drop-down menu. 
  
  Tips & Tricks: 
  When defining the start and end dates for each process, it is important to ensure that they are accurate and up-to-date. This will ensure that all processes are completed on time and that no delays occur. Additionally, it is important to ensure that the duration of each process is appropriate for the task at hand. For example, if a process requires more time than what is specified in the policy time model, it may be necessary to adjust the duration accordingly. 
  
  Related Information: 
  For more information about using the policy time model in SAP FS-PM Policy Management, please refer to SAP’s official documentation on the topic. Additionally, there are several online tutorials available that provide step-by-step instructions on how to use this feature.