Browse Definitions :

Enterprise resource planning (ERP)

Terms related to business, including definitions about project management and words and phrases about human resources, finance and vertical industries.

PRI - RIS

  • prime contract - A prime contract is any contract or contractual action that is awarded directly to a contractor by the U.
  • prisoner's dilemma - The prisoner's dilemma is a games theory scenario that illustrates a non-zero sum problem in which competitors can, through trust and cooperation, yield the optimum potential solution.
  • privacy plan - A privacy plan is an organizational directive that outlines how the organization will protect the personal information of its customers and clients.
  • private cloud (internal cloud or corporate cloud) - Private cloud is a type of cloud computing that delivers similar advantages to public cloud, including scalability and self-service, but through a proprietary architecture.
  • private equity - Private equity is funds belonging to high net worth individuals and organizations that are held to target investment opportunities, such as startups and IPOs (initial public offerings).
  • private sector - The private sector is the part of a country's economic system that is run by individuals and companies, rather than the government.
  • privatization - Privatization is the process of transferring an enterprise or industry from the public sector to the private sector.
  • problem management - Problem management, in information technology, is a process aimed at resolving incidents and problems caused by end-user errors or IT infrastructure issues, and preventing recurrence of such incidents.
  • process innovation - Process innovation refers to a change in an existing operation or product that creates significant value for an organization.
  • process intelligence (business process intelligence) - Process intelligence is data that has been systematically collected to analyze the individual steps within a business process or operational workflow.
  • process manufacturing - Process manufacturing is a production method that creates goods by combining supplies, ingredients or raw materials using a formula or recipe.
  • process mining software - Process mining software is a type of programming that analyzes data in enterprise application event logs in order to learn how business processes are actually working.
  • process-centric BPM - Process-centric business process management is a holistic approach to BPM that centers on processes themselves, rather than individual  components such as  documents, workflow or people.
  • procure to pay (P2P) - Procure to pay is the process of requisitioning, purchasing, receiving, paying for and accounting for goods and services.
  • procurement card - A procurement card is a type of company charge card used in making smaller purchases for greater cost efficiency, control and convenience.
  • Producer Price Index (PPI) - The Producer Price Index (PPI) is an economic measurement of the average change in prices that domestic producers of goods receive for their products in a given country or region.
  • product as a service - Product as a service is the concept of selling the services and outcomes a product can provide rather than the product itself.
  • product lifecycle (in marketing) - The product lifecycle, in a marketing context, is all the stages of a product's life span that are related to its promotion and sales.
  • product lifecycle sustainability - Product lifecycle sustainability is an approach to managing the stages of a product’s existence so that any negative impact on the environment is minimized.
  • product owner - The product owner is a role in scrum development of the person who represents the business or user community.
  • product placement - Product placement is the inclusion of a branded product in media, usually without explicit reference to the product.
  • professional emancipation - Professional emancipation is an approach to work that focuses on the ability of individuals to guide and control their careers and work life.
  • professional services - A professional service is an intangible product that a contractor or product vendor sells to help a customer manage a specific part of their business.
  • professional services automation (PSA) - Professional services automation (PSA) is a type of software application suite that provides a service business with the functionality it needs to manage core business processes.
  • profit and loss statement (P&L) - A profit and loss statement (P&L), also known as an income statement, is a financial report that shows a company's revenues and expenses over a given period of time, usually a fiscal quarter or year.
  • profit margin - A profit margin is the difference between what it costs a business to get a product or service to market and the price it charges for it.
  • profitability analysis - Profitability analysis is a component of enterprise resource planning (ERP) that allows administrators to forecast the profitability of a proposal or optimize the profitability of an existing project.
  • programmable economy - The programmable economy is a term created by research firm Gartner Inc.
  • programmatic marketing - Programmatic marketing is best defined in two parts.
  • project charter (PC) - A project charter (PC) is a document that states a project exists and provides the project manager with written authority to begin work.
  • project planning - Project planning is a discipline for stating how to complete a project within a certain timeframe, usually with defined stages, and with designated resources.
  • project post-mortem - Project post-mortem is a process intended to inform project improvements by determining aspects that were successful or unsuccessful.
  • project scope - Project scope is the part of project planning that involves determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.
  • pronoun - A pronoun is a non-specific word that stands in for a noun, in situations where it should be clearly understood what or whom the pronoun refers to.
  • proof of concept (POC) - A proof of concept (POC) is an exercise in which work is focused on determining whether an idea can be turned into a reality.
  • proprietary solution - A proprietary solution is a hardware or software product or combination of products and services that is tied to a specific vendor, to the exclusion of all other vendors.
  • Prototyping Model - The prototyping model is a systems development method in which a prototype is built, tested and then reworked as necessary until an acceptable outcome is achieved from which the complete system or product can be developed.
  • PTO (paid time off, personal time off) - Paid time off (PTO) is a human resource management (HRM) policy that provides employees with a pool of bankable hours that can be used for any purpose.
  • public relations (PR) - Public relations (PR) is the use of communications to manage public perception of an individual or an organization.
  • Public Relations Society of America (PRSA) - The Public Relations Society of America (PRSA) is the world's largest association for public relations (PR) professionals, overseeing more than 21,000 members.
  • public sector - The public sector is the segment of an economic system that is controlled by government; it contrasts with the private sector, which is run by private citizens.
  • Public-private partnership (PPP) - Public-private partnership (PPP) is a funding model for a public infrastructure project such as a new telecommunications system, airport or power plant.
  • pull marketing - Pull marketing is an approach designed to draw customers to a brand through search engine optimization (SEO) and other non-intrusive methods.
  • purchase intent - Purchase intent is the probability that a consumer will buy a product or service.
  • purchase order - A purchase order is a buyer's request to a seller to order goods.
  • pure risk (absolute risk) - Pure risk, also called absolute risk, is a category of threat that is beyond human control and has only one possible outcome if it occurs: loss.
  • purple squirrel - A purple squirrel is a metaphor used by recruiters and human relationship managers to describe the perfect job candidate.
  • quality control (QC) - Quality control (QC) is a procedure or set of procedures intended to ensure that a manufactured product or performed service adheres to a defined set of quality criteria or meets the requirements of the client or customer.
  • quality function deployment - Quality function deployment (QFD) is the translation of user requirements or requests into designs.
  • Quality of Experience (QoE or QoX) - Quality of Experience (QoE or QoX) is a measure of the overall level of customer satisfaction with a vendor.
  • quant (quantitative analyst) - A quant (quantitative analyst) is a financial services professional whose qualifications also include advanced mathematics and and computer skills.
  • quiet period - A quiet period is a measure of time during which corporate insiders are restricted from disclosing information relative to the performance or prospective performance of a company before that information is made public.
  • radical innovation - Radical innovation refers to an invention that represents something new to the world.
  • rainmaker (business) - A rainmaker is an individual who generates an unusually high amount of revenue for an organization by bringing new clients and new business to the company.
  • rapid prototyping - Rapid prototyping is the speedy creation of a full-scale model.
  • Real time gross settlement (RTGS) - Real Time Gross Settlement (RTGS) is an electronic form of funds transfer where the transmission takes place on a real time basis.
  • real-time system - A real-time system is a type of hardware or software that operates with a time constraint.
  • reality check - A reality check is a second opinion, either requested or provided voluntarily, about the status of some current situation.
  • rebranding - Rebranding is an update of the materials and presentation used to represent a business.
  • recruitment - Recruitment is the process of finding, screening, hiring and eventually onboarding job candidates.
  • recruitment process outsourcing (RPO) - Recruitment process outsourcing (RPO) involves an employer turning the responsibility of finding potential job candidates over to a third-party service provider.
  • red herring - A red herring is a logical fallacy in which irrelevant information is presented alongside relevant information, distracting attention from that relevant information.
  • Redington India - Redington India is an India-based multi-national distributor of consumer electronics, home appliances, telecom, and IT products.
  • referral partner - A referral partner is a business associate who recommends a particular company and its services in exchange for something of value.
  • reinsurance - Reinsurance protects insurers against excessive losses, helping to ensure their sustainability and prevent bankruptcy and failure as a business.
  • release management - Release management is a software engineering process intended to oversee the development, testing, deployment and support of software releases.
  • relentless incrementalism - Relentless incrementalism is a process in which something substantial is built through the accumulation of small but incessant additions.
  • remote deposit capture (RDC) - Remote deposit capture (RDC) is a system that allows a customer to scan checks remotely and transmit the check images to a bank for deposit, usually via an encrypted Internet connection.
  • remote office/branch office (ROBO) - A ROBO is a smaller office than the company headquarters and located in another town, state or country.
  • remote terminal unit (RTU) - A remote terminal unit (RTU) is a microprocessor-based electronic device used in industrial control systems (ICS) to connect various hardware to distributed control systems (DCS) or supervisory control and data acquisition (SCADA).
  • renewable energy - Renewable energy is any energy source that is naturally replenished, like that derived from solar, wind, geothermal or hydroelectric action.
  • reorganization (reorg) - Reorganization, in a business context, is an overhaul of a company's internal structure.
  • repetitive manufacturing - Repetitive manufacturing (REM) is the means of production planning and control used to produce goods and materials in a repetitive manner.
  • reputation management - Reputation management is the practice of attempting to shape public perception of a person or organization by influencing online information about that entity.
  • reputation risk - Reputation risk is the threat to the profitability or sustainability of a business or other entity that is caused by unfavorable public perception of the organization or its products or services.
  • Request for Offer (RFO) - A Request for Offer (RFO) is an open and competitive purchasing process whereby an organization requests the submission of offers in response to specifications and/or a scope of services.
  • requisition - A requisition, in procurement, is a request for goods or services made by an employee to the person or department in a company that is responsible for purchasing.
  • research and development (R&D) - Research and development (R&D) is the initial, exploratory stage of product and service development.
  • reshoring - Reshoring is the practice of bringing outsourced personnel and services back to the location from which they were originally offshored.
  • residual risk - Residual risk is a threat that remains after an organization has implemented security controls to comply with legal requirements.
  • resource allocation - Resource allocation is the process of assigning and managing assets in a manner that supports an organization's strategic goals.
  • Respect for People principle - Continuous Improvement (CI) and Respect for People are the two foundational principles of the Toyota Way, the company's business management guide.
  • Results-Only Work Environment (ROWE) - A Results-Only Work Environment (ROWE) is a human resource management (HRM) strategy that places emphasis on setting and meeting objectives.
  • retail apocalypse - Retail apocalypse is a controversial term used by the media to describe how a shift in consumer spending patterns might be impacting the traditional brick-and-mortar retail store business model.
  • retail vs. wholesale - Retail is the sale of merchandise from a specific point (such as malls, markets and department stores) in small quantities directly to the consumer.
  • retargeting - Retargeting is a type of online advertising whereby companies focus on particular audience members for promotions based on users' prior Internet search history or site visits.
  • retargeting (remarketing) - Retargeting, also known as remarketing, is advertising that features specific products or services and targets an individual who has viewed them online.
  • return on equity (ROE) - Return on equity (ROE) is a measure of a company’s financial performance that shows the relationship between a company’s profit and the investor’s return.
  • return on marketing investment (ROMI) - Return on marketing investment (ROMI) is a metric used to measure the overall effectiveness of a marketing campaign to help marketers make better decisions about allocating future investments.
  • revenue attribution - Revenue attribution is the process of matching customer sales to specific advertisements in order to understand where revenue is coming from and optimize how advertising budgets are spent in the future.
  • revenue cycle management (RCM) - Revenue cycle management (RCM) is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance.
  • revenue model - A revenue model is a component of a company’s business planning that describes the way it intends to make money.
  • revenue operations (RevOps) - Revenue operations (RevOps) is the strategic integration of sales, marketing and service departments to provide a better end-to-end view to administration and management, while leaving day-to-day processes within the departments.
  • revenue recognition - Revenue recognition is a tenet of corporate financial management that defines when a company officially accounts for revenue.
  • reverse logistics - Reverse logistics is the set of activities that is conducted after the sale of a product, such as servicing, refurbishment and recycling, for the purpose of recapturing value or proper disposal.
  • reverse mentoring - Reverse mentoring is a management practice in which a senior employee seeks to gain business insights from a less experienced, often younger employee.
  • RFI (request for information) - An RFI (request for information) is a formal process for gathering information from potential suppliers of a good or service.
  • right to repair (electronics) - Right to repair is the legal concept that allows consumers to repair the products they buy, or choose their own service providers instead of going through the manufacturer.
  • rightsourcing - Rightsourcing is selecting the best way to procure a service and deciding whether a company is best served by performing a business requirement in-house (insourcing) or contracting it out to a third-part service provider (outsourcing).

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