EMPLOYEE BENEFITS Definition

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EMPLOYEE BENEFITS is non-wage compensation provided to employees, such as group insurance, retirement benefits, day care, tuition reimbursement, and specialized benefits.

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TOTAL COST OF OWNERSHIP (TCO) is a model developed by Gartner Group to analyze the direct and indirect costs of owning and using hardware and software. Managers of enterprise systems use various versions of TCO to lower costs while increasing the benefits of information technology deployments. The TCO includes: original cost of the computer and software, hardware and software upgrades, maintenance, technical support, and training. Most estimates place the TCO at about 3 to 4 times the actual purchase cost of the PC.

PURCHASE REQUISITION is a written request for goods to be purchased. It is usually prepared by a department head or manager and sent to a firms purchasing department.

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