|From IBM's Glossary of Terms|
THE YEAR 2000 PROBLEM: The potential problems and its variations that might be encountered in any level of computer hardware or software from microcode to application programs, files, and databases that need to correctly interpret year-date data represented in 2-digit-year format.
YEAR2000 TRANSITION: The process of revising all programming entities (programs, databases, and so on) to correctly process date data outside the range 1900-1999.
YEAR2000 READY: The capability of a software program to correctly interpret and manipulate year-date data outside the 1900-1999 year range and produce valid arithmetic results.
THE YEAR 2000 CHALLENGE: The work-effort required to complete a Year2000 transition, to include planning, identifying, reformatting, testing, and migrating phases.