Design basic question

Hi All,
These are kind of a newbie questions. Appreciate if someone with couple of feathers in their cap could give some practical perspective. Thanks in advance for your time in sharing your experience.
1) In a planning project we load actual data periodically from your OLTP to your OLAP and then to BPC. You then plan and forecast for next few months or qrtrs so on.
    Lets say our application is to plan ahead on major capital project expenses for coming half year. It could be for labor, material and other goods expenditure in next 6 months. Ideally our expenses are booked at WBS level in your SAP -PS system.
    Now my question is, how would one plan for a new and up coming project. My assumption is in all practical purpose the project mayn't have been created in PS yet hence the master data element is not available in BPC (am i right?) but in BPC you have to plan ahead.
2) Similar situations arise for other master data elements too. How are these scenarios handled in practice in various projects.
Appreciate if you could share your insight on this matter.

Thanks Nilanjan.
In the case we decide to do a member sheet entry for this qrtr planning, during next extraction cycle what kind of general housekeeping to be done ... I understand that it depends on our cube design if we are planning in a separate cube or on the same cube.. but do we delete the manual entry.
Basically my question is , in this approach, we end-up entering these master data manually always and not as a synchup from ECC, correct? Because subsequent loads always finds this member already available in BPC.

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