A Master Service Agreement is a contract that specifies performance objectives and outlines the responsibilities of both parties.
The Statement of Work is a document in which a specific description of the services or tasks is mentioned for a particular project that needs to be done. A MSA can have one or multiple SOWs.
The Key Result Area is the goals that the parties set to achieve when they set up a contract. The KRAs lead to KPIs which is the results that would define success or failure of the engagement.
A Key Performance Indicator is a type of performance measurement tool; companies use it to evaluate how effectively they are achieving key business objectives. Organizations use KPIs at multiple levels to track progress towards goals, and successful marketers constantly evaluate their performance against industry-standard metrics.
Standard Operating Procedure is a documented process in which step-by-step instructions are written that describe how to perform a routine activity. Employees should complete all the instructions in the exact same way so that the business can remain consistent.
Software Development Life Cycle is a framework which defines task performed at each step in the software development process. The development team follows the SDLC structure within the software organization for improving the quality of software and the overall development process.
A kick-off in business means the time when work starts. Kick-off is the first meeting with the project manager and the client of the project to discuss a strategy or plan before launching a project.
Project sign-off is a formal document that is signed by both parties, post completion of the engagement/project. This document ensures that the freelancer or team has delivered the project as per the client's request and the client accepts that they have received all the deliverables as per the SOW.
A Software Requirement Specification is a document that consists of all the required features and high-level design related to the project requirement. The development of SRS is based on the agreement between the customers and the contractors.
The Non-Disclosure Agreement is a legal contract that establishes confidentiality. The parties involved in the agreement sign the contract and agree not to disclose sensitive information to others.
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