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

SAP Term: product model

• Component: FS-PM

• Component Name: Policy Management

• Description: Formal description of all information about a product. It shows a schedule that defines how the data for the product to be described is to be structured, and the relationships. The product model consists of a number of product classes, their attributes and the relationships between the product class. It is only possible to create product modules in a product library for the work area, based on a product model.

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• Key Concepts: 
  Product Model is a component of the FS-PM Policy Management module in SAP. It is used to define the structure of a product, including its components, characteristics, and relationships. It also allows users to create and manage product versions and variants. 
  
  How to use it: 
  Product Model can be used to create and manage product versions and variants. It allows users to define the structure of a product, including its components, characteristics, and relationships. This helps users to quickly identify the differences between different versions of a product. 
  
  Tips & Tricks: 
  When creating a product model, it is important to consider the different components that make up the product. This will help ensure that all of the necessary information is included in the model. Additionally, it is important to consider how different versions of the product will be managed in order to ensure that all versions are up-to-date and accurate. 
  
  Related Information: 
  Product Model is closely related to other components of FS-PM Policy Management such as Product Configuration and Product Lifecycle Management. These components can be used in conjunction with Product Model to create a comprehensive product management system. Additionally, Product Model can be used in conjunction with other SAP modules such as Sales & Distribution and Materials Management for more advanced product management capabilities.