A symbol or image which represents a more complex thing, such as a person, or a concept. Icon has come also to mean a role-model or leading example (i.e., symbolically representative of the best of its class). Icon also refers to computerized symbols or other small symbols which are used to convey a meaning, especially in signage and designs of electronic devices intended to be intuitive and self-explanatory in operation. Icon is from Greek, eikon, meaning likeness or image, which originally was used to refer to religious devotional paintings, notably of Christ. The word and modern meaning of icon features popularly now in the portmanteau computer/internet/phone term ’emoticon’ (emotion and icon) which is a symbol for conveying mood in electronic messages.
Usually called Brainstorming. A method of problem solving involving members of a group meeting and sharing ideas.
A crime in which someone obtains another person’s personal information, such as passport, credit card details, etc., and poses as that person in order to steal money, get benefits, make purchases, etc.
The time that a piece of equipment or a machine, such a as computer, is available, but is not being used.
To charge somebody, usually a government official, with serious misconduct. To cast somebody out of public office, for example a president or courtroom judge because of a serious crime or misdemeanor.
A market in which buyers do not have access to enough information about prices and products, and where buyers or sellers can have an influence over the quantity and price of goods sold.
A tax charged on certain goods which are brought into a country.
To seize and hold property, funds, etc., in custody (typically by a state-empowered authority), often during legal dispute.
A state benefit in the UK which is paid to people below pensionable age who have made National Insurance contributions, and who are too ill or disabled to work.
The offering of rewards or gifts to sales people as an incentive to get more orders from dealers or customers. To offer customers rewards for buying products or services.
An investment fund with high returns which pays the owners a regular income.
A tax paid by individuals to the government, the amount of which is dependent on how much a person earns from their salary and/or other sources of income.
An organisation or company which provides support to new businesses to help them develop and grow.
To insure and offer financial protection against loss, damage or liability.
Independent Financial Advisor
(IFA) Someone who works independently, i.e., not for a particular company, and offers people advice about financial matters and recommends where to invest their money.
Concerning salaries, pensions, investments, etc. If they are Index-Linked it means that the payments or income from these may vary according to the rate of inflation.
To formally charge someone with a crime.
In accounting, products or services, such as electricity, cleaning materials, chemicals, etc., which are used in the production of goods but are not part of the end product.
The introduction and training of a member of staff in a new job or position in a company.
Also called a strike in the UK. Known in the US as Job Action. A protest by employees during which they refuse to work, usually because they want better wages and/or better working conditions.
A person who owns or runs a large industrial enterprise. They are often referred to as a Business Magnate.
Relations between the management and the workers, especially those in unions, in industry.
An independent judicial body which deals with disputes between employers and employees.
Inertia Selling/Inertia Marketing
A sales/marketing method which assumes a prospective customer’s agreement or ‘opt-in’ to a sales proposition or contract unless the prospective customer actively refuses or ‘opts-out’. Usually this sort of marketing is illegal, especially where a commercial supply of this nature is explained in ‘small print’, or not at all, although many organizations flout the law, which places the onus on the customer to seek redress/recovery/escape. The technique applies to privacy and personal rights, as well as purchasing and contract extensions, and especially conversion of free or low-cost trials into chargeable contracts. See nudge theory, which explains the power of inertia in decision-making, and potentially acceptable use of such techniques, for example organ donation automatic opt-in.
Normally referring to the economy of a country, inflation is the gradual increase in the price of goods and/or services, and the consequential devaluing of the national currency. Inflation is typically up to 10%, or more unusually approaching 20% per year. Minimising inflation is normally a high priority within national fiscal policy since higher levels of inflation cause a variety of economic and business problems. See also deflation and hyperinflation.
In business, when important significant changes take place in an organisation. (Andrew S. Grove – Intel)
A portmanteau word (made from information and graphic) referring to a picture or diagram which conveys information. The term is relatively new but the concept of conveying information via graphics is very old indeed. Many prehistoric cave paintings are infographics, for example which depict hunting or record other activities. The Bayeux Tapestry is an infographic, telling the story of the 1066 Norman Conquest of England. Some infographics become very iconic, such the map of the London Undergound railway. More recently infographics feature strongly in computer media, especially on the internet, because technology enables easier design of infographics, and audiences which have grown up surrounded by visual media, increasingly seek and respond to data presented in ways that can be absorbed and understood very quickly.
An agent who works on behalf of a business, collecting information on, and developing profiles of, individual customers.
An ‘information commercial’ (a portmanteau word). A long television commercial (advertisement) presented in the form of a documentary or TV program. This format is used so that it does not appear to be selling a product or service.
Communications network, notably the Internet, which provides high speed access to information in the form of sound, text, images, etc.
Also called Death Duty in the UK. Known as Death Tax in the US. A tax imposed by the government which much be paid on the total value of the estate of a deceased person.
An official court order which demands that someone must refrain from carrying out certain actions.
The introduction of new ideas, goods, etc., or new methods of production. A new way of doing something.
A term used to describe the growth of a business from mergers or takeovers, rather than from the increase in productivity or activity of the company’s own business.
Information about a company which is known only by the owners, management and/or employees, and not the general public. The use of Inside Information for the buying and selling of shares is usually illegal.
An advantageous position in a company or organisation. To know about something before others get to hear about it.
Not having enough finances or assets available to pay all your debts.
Instant Access Account
A bank or building society account which allows you have instant access to your money without any penalties.
Also known as a Claims Adjuster. An independent person who investigates insurance claims for an insurance company and evaluates the damage caused and decides whether the claims are valid, and if they are, how much should be paid in settlement to the insured party.
A company’s assets which do not physically exist, such as brand name, trademarks, copyrights, etc.
The skills and knowledge of a company’s employees, which can be used to make the company more successful than its competitors.
Commonly abbreviated to IP, an idea or creation, e.g., artwork, writing, etc., that belongs to an individual or organisation, which has commercial value and therefore cannot be copied or sold without the owner’s permission.
Latin for ‘among other things’ – a traditional term which typically precedes a list of examples, and is found in official or formal text or various sorts. Inter alios means ‘among other people’, but is much less used.
A fee which is charged for borrowing money, e.g., a loan from a bank or financial institution, lease arrangement, goods bought through hire purchase, etc.
A mediator or agent who negotiates between two parties who are unable or unwilling to reach an agreement by themselves.
In a company or organisation, ensures the pay each employee receives is determined fairly by the type of job they do.
International Monetary Fund
IMF. Established in 1944 by the United Nations to monitor foreign exchange systems and encourage trade between member nations. It also lends money to developing countries with economic problems.
International Organisation For Standardization
ISO. A non-government organisation with over 150 member nations, which promotes international standards in trade, technology, science, economy, etc.
Relating to the Internet. Being unable to locate a particular website which you found interesting or on which you saw a useful piece of information.
Also called a Cybercafe. A public place where people can use a computer, usually for a fee, to check e-mail, access the Internet, etc. These places often sell drink and food, like a regular cafe.
The policy of a government to intervene and manipulate a country’s (often its own) affairs and/or economy.
A guaranteed minimum price set by a government for a product, usually farm produce. If the price falls below this then the government, or agency, will buy the produce at the Intervention Price.
Without leaving a will, as used in the phrase, ‘to die intestate’.
A person employed by a large company to work independently to develop new projects and business within the company.
The actual or real value of a business, commodity, asset, etc., rather than the market value or share price.
A new device, process, product, etc., which has been created and developed by an individual or a group.
Money or capital that is invested in a business or in an account with a financial institution in order to make a profit or earn interest.
A small company which offers specialist advice about investments and business.
‘Invisible’ services of a country, such as banking, tourism, insurance, etc, of which the buying and selling are from international trade.
When a company is forced into bankruptcy by its creditors, so that its debts can be paid.
A project management term (also called the Project Management Triangle, Triple Constraint, and variations of these), the Iron Triangle refers to (according to the concept) the three main inputs and the output of most projects, namely: inputs – 1. Scope (or activities), 2. Budget/cost (or human resources), 3. Time (or timescale or completion date), and the output of Quality (or performance). The concept is commonly shown as a triangle with an input item on each corner, and ‘quality’ or ‘performance’ in the middle of the triangle. The concept asserts that none of the three corner items may be changed without an effect on the other two corner items, assuming quality/performance outcomes are to be preserved. For example where a reduction in project time (e.g., bringing forward the completion date) typically requires more budget/resource; or where a reduction in project cost/resource will generally require an increase of time (project duration). Broadening the project scope (commonly caused by ‘project creep’, i.e., failure to adhere to project scope/activity limits by adding new activities, diversions, opportunities, etc) tends to require additional budget/resources, or an extension of the project timescale. Typically however in many projects one of the three corner inputs is altered (usually disadvantageously), and where no adjustment is made/permitted to any other input, the outcome quality is weakened. Among other variations, the Iron Triangle concept is alternatively adapted as a ‘project diamond’, by which the ‘quality’ outcome is shown as a fourth point of a diamond, and this version of the model tends to encourage a more flexible approach to the project outcome, viewing it as a variable alongside the other three Iron Triangle inputs. It should be noted that the Iron Triangle (or Diamond) model addresses project management from a very fundamental standpoint. The success of most projects however, especially those with big workgroups, also depends on and can be greatly influenced by ‘softer’ less tangible inputs such as leadership, team motivation/commitment, and communications, etc., which should not be ignored, and in some situations should be considered just as seriously as the ‘hard’ Iron Triangle factors.
An advertisement or commercial which is surrounded by text, or placed between TV programs, with no other advertisements, so it has no competition.
On the Stock Exchange, the price at which a new share, stock, etc., is offered to the public.
Also known as IT. The study and use of computers and communications systems.