Final answer:
A 'release' is the term used to describe a version of a service or configuration items that is made available, encompassing the development, testing, and deployment of new or updated software applications or services.
Step-by-step explanation:
The term that describes a version of a service or configuration items that is made available is release. In the context of information technology and service management, a release typically represents a new or updated version of a software application, service, or any other configuration item that is being provided to users. The process includes the development, testing, and deployment stages, ensuring that the new version meets the necessary requirements and is less likely to introduce errors into the production environment.