Dispensation (period)

In theology, one meaning of the term dispensation is as a distinctive arrangement or period in history that forms the framework through which God relates to mankind.
Protestant dispensations.
The concept of a dispensation – the arrangement of divisions in Biblical history – dates back to Irenaeus in the second century. Other Christian writers and leaders since then, such as Augustine of Hippo and Joachim of Fiore (1135–1202), have also offered their own dispensation arrangements of history. Many Protestant writers, including Herman Witsius, Francis Turretin, and Isaac Watts (1674–1748) also preached and taught dispensation schemes and divisions, and the Westminster Confession of Faith noted "various dispensations" in 1646.
Within dispensationalism, dispensations are a series of chronologically successive dispensations of Biblical history. The number of dispensations held are typically three, four, seven or eight. The three and four dispensation schemes are often referred to as minimalist, as they recognize the commonly held major breaks within Biblical history. The seven and eight dispensation schemes are often closely associated with the announcement or inauguration of certain Biblical covenants. The variance in number relates to the extent of detail being emphasized by the author or speaker. Below is a table comparing some of the various dispensational schemes:
These different dispensations are not separate ways of salvation. During each of them man is reconciled to God in only one way, (i.e. by God's grace through the work of Christ that was accomplished on the cross and vindicated in His resurrection). Before the cross, man was saved on the basis of Christ's atoning sacrifice to come, through believing the revelation thus far given. Since the cross, man has been saved by believing in the Lord Jesus Christ, in whom revelation and redemption have been consummated. On man's part, the continuing requirement is obedience to the revelation of God. This obedience is referred to as stewardship of faith.
Although the divine revelation unfolds progressively, the deposit of truth in earlier time-periods is not discarded, rather it is cumulative. Thus conscience (moral responsibility) is an abiding truth in human life (Ro. 2:15; 9:1; 2 Co. 1:12; 4:2), although it does not continue as a dispensation. Similarly, the saved of this present dispensation are "not under law" as a specific test of obedience to divine revelation (Gal. 5:18; cp. Gal 2:16; 3:11), yet the law remains an integral part of Dispensational teaching. The Law clarifies that, although Christ fulfilled the law for us, by it we have had the knowledge of sin (Rom 7:7), and it is an integral part of the Holy Scriptures, which, to the redeemed, are profitable for "training in righteousness" (2 Ti. 3:16–17; cp. Ro. 15:4). The purpose of each dispensation, then, is to place man under a specific rule of conduct, but such stewardship is not a condition of salvation. In every past dispensation unregenerate man has failed, much like he is failing in the present dispensation, and will fail in the future until Eternity arrives. Salvation has been and will continue to be available to everyone by God's grace through faith. (The New Scofield Study Bible, 1984, pg. 3–4).
Latter Day Saint dispensations.
In the Latter Day Saint movement, a dispensation is a period of time in which God gave priesthood authority to men on the Earth through prophetic callings. Between each dispensation is an apostasy where the priesthood is at least partially absent. The LDS Bible Dictionary says: 
The Church of Jesus Christ of Latter-day Saints teaches that there have been many dispensations, and use the Bible and modern revelation to identify and clarify some of them. They also make note of dispensations occurring among the Lost Tribes of Israel as well as Book of Mormon peoples, namely the Nephites and the Jaredites.
According to Latter-day Saint scriptures an angel appeared to Adam and Eve soon after they were driven out of the Garden of Eden, who taught them the gospel and gave him priesthood authority which he passed down to his children (see Moses 5:6–9, Moses 6:64–65). Eventually they "began from that time forth to be carnal, sensual, and devilish" (see Moses 5:12–13) and the priesthood was lost thus ending the dispensation in apostasy.
After Enoch and the people of Zion were taken from the earth, the wicked people became very numerous.
Which Abraham received the priesthood from Melchizedek, who received it through the lineage of his fathers, even till Noah.
Moses and his sons, according to the Holy Priesthood which he received under the hand of his father-in-law, Jethro.
This dispensation's authority was in Jesus Christ himself and then with the apostles after his death and resurrection. Following their death, shortly after the record of the Bible, and before the first seven Ecumenical Councils, the Earth fell into the Great Apostasy.
The dispensation of the fulness of times is the last dispensation before the Second Coming of Christ. It was begun with the restoration of the church in 1830 and continued with the restoration of all the priesthood keys of each prior dispensation.