What is milestone plan in SAP SRM - Supplier Relationship Management?

SAP Term: milestone plan

• Component: SRM

• Component Name: Supplier Relationship Management

• Description: Plan that reflects the major activities milestones to be accomplished in the procurement process. The milestone plan makes it easy to monitor procurements that take a long time months or years to complete. You can keep track of each event in the procurement process, view the planned date for event completion and the actual date when the event was completed, whether the event is past its due date, and identify the bottlenecks in the procurement process.

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• Key Concepts: 
  A milestone plan in SAP SRM Supplier Relationship Management is a tool used to track the progress of a project. It is a graphical representation of the project timeline, with milestones and tasks that need to be completed in order to reach the desired outcome. The plan can be used to monitor the progress of the project, identify any potential risks or delays, and ensure that all tasks are completed on time. 
  
  How to use it: 
  In SAP SRM Supplier Relationship Management, a milestone plan can be created by selecting the “Milestone Plan” option from the main menu. This will open up a graphical representation of the project timeline, with milestones and tasks that need to be completed in order to reach the desired outcome. The user can then add or remove milestones and tasks as needed, and adjust the timeline accordingly. 
  
  Tips & Tricks: 
  When creating a milestone plan in SAP SRM Supplier Relationship Management, it is important to ensure that all tasks are clearly defined and that each task has an estimated completion date. This will help ensure that all tasks are completed on time and that any potential risks or delays are identified early on. Additionally, it is important to regularly review the milestone plan to ensure that it is up-to-date and accurate. 
  
  Related Information: 
  For more information about milestone plans in SAP SRM Supplier Relationship Management, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SRM/7.0/en-US.