How much Jargon is Allowed for MBA Applicants from IT Background?

Q) How should candidates from Information Technology background approach MBA Application Essays, when the word limit is 500 words. Most “What I did”, require offering some context. How much jargon is allowed? How evenly should the technologist cover the “How,” “Why,” “What” aspect of the project for the Essay?
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I have an engineering degree from a top university in India and have been in the technology industry for 15 years in the capacity of a software engineer. MBA or Not?
Q) I have an engineering degree from a top university in India and I have been in the technology industry for 15 years in the capacity of a software engineer, engineering manager and architect. Though I made few feeble half-hearted attempts for MBA in US/India, I am not really sure if I should pursue a full-time program or a part-time program.
India doesn't sound too good with part-time programs as not many companies sponsor due to lack of budget. In your experience, what should a person of my background do? I am a strong technology oriented person but I understand that to get a better perspective of business, I need to experience the other side too. Find the answers from FutureWorks Consulting, Stacy Blackman and GyanOne