COPA Assessment Cycles- Urgent Go-Live this weekend !!!!

Hi Gurus,

Have a small question about COPA Assessment Cycle. Please help as the Go-Live is this weekend !!!

We are using Costing Based Profitability. All the Cost centers are assigned to respective Profit centers so that all the cost flow into Profit center.. That being said.. What does the COPA assessment cycle do ? Do I still need to create the cycles? what are the rules for it ?

Please help !!

Thanks

JP