From our project experience it seems a real value for the business users and IT people to get this kind of common definition of terms. Some organization already defined this kind of glossary, and even it is possible to use some industry standard. But standard are always adapted by the organization so it is important to develop this kind of glossary during the project life cycle.

The following table template can be used for logging the business vocabulary. The acronyms are not mandatory. The ownership column describes when a term is under the responsibility of a team.