Vendor management system. 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. 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. Definitions Official Customer Site.
Agile software development. Agile software development is a group of software development methods in which requirements and solutions evolve through collaboration between self-organizing, cross-functional teams.
It promotes adaptive planning, evolutionary development, early delivery, continuous improvement, and encourages rapid and flexible response to change. The Manifesto for Agile Software Development, also known as the Agile Manifesto, which first laid out the underlying concepts of Agile development, introduced the term in 2001. History Predecessors
Scrum (development) Scrum is an iterative and incremental agile software development framework for managing product development.
It defines "a flexible, holistic product development strategy where a development team works as a unit to reach a common goal", challenges assumptions of the "traditional, sequential approach" to product development, and enables teams to self-organize by encouraging physical co-location or close online collaboration of all team members, as well as daily face-to-face communication among all team members and disciplines in the project. A key principle of Scrum is its recognition that during a project the customers can change their minds about what they want and need (often called "requirements churn"), and that unpredicted challenges cannot be easily addressed in a traditional predictive or planned manner.