provision

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provision

A term which, as used in UK medical practice, corresponds to one or more legal conditions/provisos written into a contract or financial arrangement, when a particular type of expense is anticipated but its actual and final cost is uncertain—e.g., clinical negligence liability.

Provisions are included in contracts to comply with the accounting principle of prudence. An estimate of the likely expense is charged to the income and expenditure account—for the Department, to the Operating Cost Statement—as soon as the issue comes to light, even though a cash payout might not occur for many years, if at all. The expense is matched by a balance-sheet provision entry showing the potential liability to the organisation.
References in periodicals archive ?
Because most credentials are administered from the back end, the user does not need to know the passwords associated with every account he is provisioned for - meaning more complex passwords can be automatically generated and are never written down.
With eProvision Education Edition, student and faculty accounts, email systems, administration systems and other institutional applications are efficiently and securely provisioned and deprovisioned automatically to reduce time-intensive administrative costs, while significantly improving network security.
Unlike competitive offerings, AccountCourier's IdentityLink(TM) technology connects to any number of existing authoritative identity stores for quick policy setup; allows customers to define multiple provisioning policies to suit the needs of different business units; combines user, role, and rule-based provisioning for fast implementation; and restricts access to policies, available provisioning actions and groups of users who can be provisioned for delegated or true self-service provisioning.
AccountCourier's workflow technology and policy engine enable accounts to be automatically provisioned without human intervention on each native system for increased data security, reduced costs, faster service and constant application availability.