Outsourcing
The practice of contracting with persons outside of your company for services. Services can be very broad such as the entire HR Function or more specific like benefits or payroll processing.
Parallel Adoption
A method of software migration that involves using the existing and new systems simultaneously until the implementation is judged to be complete and satisfactory.
Parallel Processing
The execution of multiple tasks or operations simultaneously or in parallel, improving computational speed and efficiency.
Parallel Testing
A method of testing where the old system and the new system are maintained simultaneously. The system results are compared to ensure that the new system is working properly.
Patch
A fix for a software program where the actual executable code and related files are modified.
Payback Period
A capital budgeting metric that calculates the number of years required for the flow of benefits returned by an investment to equal the cost of the investment.
Payment Card Industry Data Security Standard
An information security standard mandated and used to handle credit cards from major card brands, administered by the Payment Card Industry Security Standards Council.
Peer-to-Peer Architecture
A distributed network architecture where participants or nodes can directly interact with each other without relying on a central server or authority.
Peer-to-Peer Energy Trading
The direct trading of energy between individuals or entities using decentralized systems, allowing for more efficient and flexible energy transactions.
Performance Management Software
A computer program or suite that makes it possible for an organization to monitor and optimize the overall effectiveness of its workforce at the individual and collective levels.
