What is product element in SAP FS-PM - Policy Management?

SAP Term: product element

• Component: FS-PM

• Component Name: Policy Management

• Description: Non-purchased element on the main axis. The central product elements are sales product, product, elementary product package and elementary product.

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• Key Concepts: 
  Product element is a component of the FS-PM Policy Management module in SAP. It is used to define the characteristics of a product, such as its features, pricing, and availability. Product elements are used to create and manage product catalogs, which are used to define the products that can be sold by an organization. 
  
  How to use it: 
  Product elements can be created and managed in the FS-PM Policy Management module. The product element contains information about the product, such as its features, pricing, and availability. This information can then be used to create product catalogs, which are used to define the products that can be sold by an organization. 
  
  Tips & Tricks: 
  When creating product elements, it is important to ensure that all of the necessary information is included. This includes pricing information, availability information, and any other relevant details about the product. Additionally, it is important to ensure that all of the product elements are up-to-date and accurate. 
  
  Related Information: 
  Product elements are closely related to product catalogs. Product catalogs are used to define the products that can be sold by an organization, and they are created using the product elements defined in the FS-PM Policy Management module. Additionally, product elements can be used in conjunction with other components of SAP, such as pricing rules and discounts.