Using custom formulas is another way to get a total cost price. Custom formulas allow you to create your own complex or simple custom formulas through pricing terms.
- This information can be pulled from questions asked and other pricing terms placed within the sourcing event.
- Template must allow the Project Manager to create custom formulas.
Setting Up Custom Formulas
The following options can be set when configuring event formulas:
- Result Type allows either Money or Decimal Number values only. Money will have the appropriate currency symbol.
- Number of decimal places is defaulted to two.
- Response Required should be set to Not Required. A participant cannot supply a value for a formula.
The following options appear only for formulas added to lots or line items:
- Visible to Participant only appears if participants are not required to respond. If Yes, they can see the computed value of this formula.
- Will participants compete on this term being enabled means that the participants' rank is based on the value computed by this formula. If set to No, this formula can still be used in another formula in which they compete, so it can still be a competing term, indirectly.
- Rollup results in section summary being enabled means that this formula name and value appear in the section summary. If a formula is created with the same name in other line items in this section, the sum of their values appear in the section summary.
- Display formula in column or row will either be Row or Column. If Column, the name of the term appears on the top row with the name of the line item and the value is below it. If Row, the name is to the left, below the name of the line item with the value to the right of it.
- Has Historic Value can be used to compute savings over past purchases.
- Has Reserve Value specifies the maximum you are willing to pay.
Demonstration
Play the video below to see how to set up custom formulas.