What is competitive award in SAP PSM-GM - Grants Management?

SAP Term: competitive award

• Component: PSM-GM

• Component Name: Grants Management

• Description: Selection and award by sponsor/grantor is determined by evaluation of applications from a number of potential grantees.

Smart SAP Assistant

• Key Concepts: 
   Competitive Award is a feature of the Grants Management component of SAP PSM-GM. It allows organizations to manage the process of awarding grants to external entities, such as universities, research institutes, and non-profit organizations. The process includes creating a grant proposal, evaluating the proposal, and awarding the grant.
  
  How to Use it: 
   To use the Competitive Award feature, an organization must first create a grant proposal. This includes specifying the purpose of the grant, the amount of money to be awarded, and any other relevant information. Once the proposal is created, it can be evaluated by an internal or external committee. The committee will then decide whether or not to award the grant. If the grant is awarded, the organization can then manage the process of disbursing funds and tracking progress on the project.
  
  Tips & Tricks: 
   When creating a grant proposal, it is important to provide as much detail as possible. This will help ensure that the evaluation committee has all of the necessary information to make an informed decision. Additionally, it is important to keep track of all documents related to the grant proposal and award process in order to ensure compliance with any applicable regulations.
  
  Related Information: 
   For more information on using SAP PSM-GM Grants Management, please refer to SAP's official documentation at https://help.sap.com/viewer/product/SAP_PSM_GM/latest/en-US.