RFID is Radio Frequency Identification Tag. An RFID is attached to and identifies a thing such as an item in inventory, a case of items, a pallet of cases, a car passing through a reader on a toll way, or a person passing through a doorway. It is like a UPC (universal product code) on items in a store, but can be scanned from a longer distance. A transceiver sends an activating signal and receives identification information. An active RFID tag has an internal battery and has a longer range than a passive tag which is powered by the radio signal it receives.
CONTINGENCY PLAN is a plan that provides an outline of decisions and measures to be taken if defined circumstances, outside the control of the affected organization, should occur.
DISCOUNTED PAYBACK is the period of time required to recover initial cash outflow when the cash inflows are discounted at the opportunity cost of capital.
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