“In-sourcing”, “out-sourcing”, “captives”, “third-party”, “onshore”, “near-shore”, “offshore”, “shared services”, “ITO”, “BPO” and many other such words and acronyms have crowded the media over the last decade. As the merging of global economies accelerates, such jargon continues to evolve rapidly with confusion all over, about what all these really mean. This White Paper explains the sourcing jargon, compares the pros and cons of some of the sourcing models, and tries to dispel some myths around the benefits and challenges of outsourcing.