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Node types tie three things - Glyps, Properties and Validations.
Using Node types you can make sure that nodes are being properly managed by correct Properties, Validations and displayed with proper Glyph. Suppose if a Hierarchy has three different type of nodes within like Account, Cost center and Geography, then you will assign node type according to type of Node then respective props and validations will be effective. If you simply create property or validation does not effect the hierarchies unless you assign them to the proper node types.
Hope this helps.
Thanks for the reply.
In my scenario, my version has "Essbase" hierarchy but under Essbase i have "Accounts" and "Geography" as children. And my node types are assigned to these hierarchies Accounts- it is "Finance node type" and for Geography- it is "Entity node type". So if i create a new property definition "Modify" as Boolean data type and default value as "False" and assign it to property category "Essbase", i can see the property in the node level of both hierarchies under Essbase, without assigning the new property to node type.
Do i compulsorily need to assign the new property "modify" to any of the node types Finance or Entity?
While i can see the proprety under Essbase category in the node level, then what is the significance of Node type here?
Since you have created a common property category "Essbase" which holds properties of both your account nodes and entity nodes, and assigned the new propery to this category you are seeing the "modify" property in both hierarchies. Significance of node types is that it restricts(for the lack of a better word) the nodes which should fall under the scope of specific properties and validations so as long as you dont assign your new property to a specific Node Type, it will show up in all the hierarchies as it is a part of your Essbase category.