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Managed Services

Managed services is the practice of outsourcing day-to-day management responsibilities as a strategic method for improving operations and cutting expenses. This can include outsourcing HR-activities, Production Support and lifecycle build/maintenance activities. The person or organization that owns or has direct oversight of the organization or system being managed is referred to as the offer-er, client or customer. The person or organization that accepts and provides the managed service is regarded as the service provider or MSP.

Typically, the offer-er remains accountable for the functionality and performance of managed service and does not relinquish the overall management responsibility of the organization or system.

SOURCE:  Wikipedia