what is the purpose of 'Approval Authority' for a job level ?

Hello,

what is the purpose of 'Approval Authority' for a job level ?

Does assigning a value to  'Approval Authority' of a job will have any impact on Human Capital Management modules ?

I dont know much about HCM modules. I am setting up Approval management engine for Purchase Requisitions. From the point of view of purchase requistions heirarchy i may be required to assign a value to 'Approval Authority' at job level.

Navigate to HR responsibility -> Work Structures -> Job -> Description - to assign a Level (Approval Authority) to a Job.  

Please advice.

---Carolina