Speaking only as a software developer, the terms are not arbitrary. They might differ from product-to-product or among companies. But if the software or web development company is worth anything, then versioning has precise meaning. You should probably ask them for their versioning practices. You could also ask for release notes from prior version of each release type - x.y.z - where x, y, and z are all different version types.

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Why keep the team together? If the output of the team is poor, then either the team lead / manager is the issue or the team should be disbanded and reassigned. Its all about the output.

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