Which two are required steps in creating an application rule?

The process of creating an application rule in Profitability and Cost Management Cloud (PCMCS) involves specific foundational steps that ensure the rule operates effectively within the established framework of the application. A Rule Set is essential because it acts as a container that groups the rules together, defining the structure and the specific behaviors that will be applied within the application. It allows for organization and can be set to function under specific contexts, making it a critical component of rule management.

In contrast, additional steps such as creating a Global Context or a Rule Set Context are important but are not mandatory for the creation of an application rule. While naming the rule is necessary for identification and clarity within a Rule Set, it is the creation of the Rule Set itself that forms the backbone of any functional application rule. Therefore, emphasizing the creation of the Rule Set highlights its integral role in the overall rule-building process.