Glossary I-R
Implementation - The process of installing and integrating a software application that is tested, complete and ready to use. It includes all necessary hardware, software, data and documentation.
Information Technology (IT) - computer and communications equipment and software used to automate processes in organisations.
International Financial Reporting Standards (IFRP) - standards, also known as International Accounting Standards (IAS), adopted by the International Accounting Standards Board (IASB) to regulate accounting reporting.
Key Performance Indicators (KPIs) - a comparative metric or benchmark to measure the success of an employee, cost centre, department or section of an organisation.
Long-Range Planning (LRP) - organisational forecasting that extends from the medium to the long-term future, allowing organisations to map out the effects of emerging trends, test alternative strategies and forecast corporate performance over multiple years.
Marketing Expense Tracking System (METS) - a Mondelio software application that tracks costs and expenditure of an organisation's Marketing department that allows senior management to monitor expenditure.
Off-the-shelf Product - a standardised software system that is not developed, customised or tested for suitability to an individual organisation. It may be a commercial system that is held in stock.
Online Analytical Processing (OLAP) - Online retrieval and analysis of data to provide summarised views of business trends and statistics for analysis, reporting, modelling and planning to optimise business performance.
Open Database Connectivity (ODBC) - a standard application programming interface for using database management systems.
Overhead Costs - general expenses of operating a business that are not directly related to the goods produced; can include such costs as utilities, telephone, advertising, etc.
Patient Management System (PMS) - computer software system that records patient movements and operations.
Product Release - an updated or new version of a computer software system that is distributed to users of the application.
Profit & Loss Statement - also known as the Income Statement, is an organisation's financial statement that illustrates the total profit or loss of the company by subtracting the cost of goods / services sold, other expenses and tax from the total income.
Profit Margin - an indicator of profitability that can be:
- the price received by an enterprise for goods or services minus the cost of producing them
- the ratio of sales less all operating expenses divided by the number of sales
- the figure determined by dividing net income by revenue for a 12 month period of time.
Quality Improvement (QI) - a method to improve production or performance and increase efficiency while reducing variability in goods or services.
Real-time - as a general concept refers to a system that responds to events or signals as fast as possible, or as they happen.
Research & Development (R&D) - in regard to software, the investigation and creation of new features and enhancements to an existing application.
Return on Investment (ROI) - a ratio measures that measures the revenue from an investment divided by the financial expenditure of the investment