It has become vital for industries like project based manufacturing companies (like building products on order basis), construction, professional services, telecom, product development and as well as government agencies need to track costs and revenues of each project. The manner in which projects are planned, executed upon, and controlled can vary widely from organization to organization. Oracle Projects is comprehensive yet flexible to occupy these complex needs of different organizations.
Currently its called "Oracle Projects suite" which includes following modules:
1) Project Costing
2) Project Billing
3) Project Resource Management
4) Project Management
5) Project Contracts
However the most used among the above are Project Costing and Project Billing - which could be together called "Project Accounting" - it collects or calculates your project costs and revenues, translates them to your chart of accounts, and automatically posts journal entries to your General Ledger. Project Costing and Project Billing make up a true core of the suite.
Oracle Projects closely integrates with couple of modules such as General Ledger, Human Resources, Purchasing & Payables, Receivables, Inventory and Fixed Assets.