Select two correct statements about project classifications on a template. (Choose two.)

Project classifications are used to categorize projects. A project class category (e.g., "Market Sector") must be associated with a reference data set (often referred to as a Set Code) to define the list of valid class codes (e.g., "Public," "Private") that can be used. Therefore, any usable classification requires this association. When a project template includes a project classification that is marked as mandatory, any project created from that template must have a valid class code entered for that classification, ensuring compliance with categorization rules.

A. Set Code is not required for a project class category in a project classification: This is incorrect. To be usable and have a list of class codes, a class category must be associated with a reference data set.
B. Project Classification is a mandatory field on a project template: This is incorrect. Adding project classifications to a template is optional; a template can be created without any.

Oracle Fusion Cloud Project Management Documentation

Chapter: Project Foundation Configuration

Section: "Project Classifications: Explained". This document states

"You associate project class categories with a reference data set. This association controls which class codes are available for a specific project class category."

Oracle Fusion Cloud Project Management Documentation

Chapter: Define Project Foundation Configuration

Section: "Project Templates: Explained". This section clarifies that when creating a project from a template

"You must enter values for the required class categories." This confirms that mandatory classifications on the template must be populated on the project.