Privileges Required to use Period Functions 
To use period functions, you need either:
scheduler-administrator role
system, partition or isolation goup-level permissions
object-specific prvileges
Creating Period Functions
You need one of the following privilege ranks to be able to create period functions:
Create - allows you to create period functions on the level the privilege was granted (system, partition, isolation-group), you have no further privileges through this rank, you automatically get privileges on period functions you create.
Edit - allows you to create, view, and edit all period functions on the level the privilege was granted (system, partition, isolation-group)
Delete - allows you to create, view, and delete all period functions on the level the privilege was granted (system, partition, isolation-group)
All - full control over all period functions on the level the privilege was granted (system, partition, isolation-group)
Editing Period Functions
To successfully edit a period function, you have to have one the following privileges:
Edit - privilege rank on the period function, or on period functions in its partition, isolation group or system-wide
Delete - privilege rank on the period function, or on period functions in its partition, isolation group or system-wide
All - privilege rank on the period function, or on period functions in its partition, isolation group or system-wide
Period functions can reference the following objects, you need at least View privileges on these objects when you want to edit a period function that references them:
Library
Application