Rate Schedule not working on RBS Inventory Items

Summary:

Within our RBS, we need to use Inventory Items as resources for Project Planning. To achieve this, we configured our RBS accordingly.

Based on our understanding of Oracle documentation, the item cost should be derived either from the Average Cost of the item in inventory, or from the Rate Schedule configured in Project settings.

Therefore, we created a Rate Schedule and assigned it to the Project Plan. However, when creating the project and assigning the resource to the task, the costs are not being derived from either of these options, and we are receiving the following error:

“A raw cost rate wasn't found for the planning transaction using the resource class raw cost rate schedule.”