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A vendor management system (VMS) is an Internet -enabled, often Web-based application that acts as a mechanism for business to manage and procure staffing services – temporary, and, in some cases, permanent placement services – as well as outside contract or contingent labor. Typical features of a VMS application include order distribution, consolidated billing and significant enhancements in reporting capability that outperforms manual systems and processes. [ 1 ] In the financial industry due to recent regulations, vendor management implies consistent Risk Classificant and due diligence done to ensure risk assessment that eliminates undue third-party risks exposure. [ edit ] Definitions
Agile software development poster Generic diagram of an agile methodology for software development Agile software development is a group of software development methods based on iterative and incremental development , where requirements and solutions evolve through collaboration between self-organizing , cross-functional teams . It promotes adaptive planning, evolutionary development and delivery, a time-boxed iterative approach, and encourages rapid and flexible response to change. It is a conceptual framework that promotes foreseen interactions throughout the development cycle.
Scrum is an iterative and incremental agile software development framework for managing software projects and product or application development. Its focus is on "a flexible, holistic product development strategy where a development team works as a unit to reach a common goal" as opposed to a "traditional, sequential approach". [ edit ] History