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How the Price determination process works in SAP-MM?

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How the Price determination process works in SAP-MM?

Price determination process:
Create a Price schema
Add a condition type if required
Asssign Access sequence to the condition type.
Create a condition table and specify flds required.
Create a cond. rec. The price schema for the particular mat. has a cond type. This pricing will trigger the Price determination process. Basically the access sequence assigned to the cond type will search the cond table to find the particular cond. rec. and determin the price.

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