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Thursday, 2 May 2024, 10:18 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
I

IFRS

IFRS – International Financial Reporting Standards

Implementation Barriers

Challenges or obstacles which prevents or limits the process of putting a decision or plan into effect, execution. 

Implementation Roles

Deciding what should happen in an account and making sure it is delivered, making appropriate strategies and plans, having a deep understanding of the customer Implementation Roles, Expert in the customer, Value developer,Point of accountability

Implicit Costs

Implicit costs are not reflected in money terms, e.g. satisfaction. This is used by economists only.

Import Quotas

Import quotas are quantitative restrictions on the number of imported items.

Import tariffs

Import tariffs are taxes levied on specific goods and services imported into the country.

Imports

Imports are goods and services that flow into the country from beyond the national borders.

Income

Income as a micro concept refers to earnings for the factors of production.

Income Elasticity of Demand

Income elasticity of demand refers to the sensitivity of the quantity demanded to a change in the income of a consumer.

Income method

Income method is a method of calculating GDP by adding all factor payments.

Incomes Policy

Incomes policy is a measure aimed at reducing inflation by dropping wages and increasing supply.

Indirect Labour

Supervisory staff and maintenance staff’s labour in a production environment cannot be physically traced to a specific product and is therefore regarded as indirect labour.


Indirect Material

Indirect material – secondary material used in the conversion process that contributes to the finished product through a manufacturing process.

Indirect Taxes

Indirect taxes are levied on actions, such as the purchasing of goods.

Individual Demand

Individual demand refers to the quantities of a product an individual household is willing and able to buy at each price level.

Individual Supply

Individual supply refers to the quantities of a product an individual company is willing and able to produce at each price level.

Indivisibility

Unable to be divided or separated.

Industry Driving Forces

Industry conditions change because important forces are driving industry participants (competitor, customer, or suppliers) to alter their actions; the driving forces in an industry are the major underlying causes of changing industry and competitive conditions

Industry Equilibrium

Industry equilibrium exists where all firms in the industry make normal profit in the long run.

Industry or Market Supply

Industry or market supply is the horizontal addition of all individual firm supply curves where the rising part of the MC curve above shut-down point is the individual firm’s supply curve.

Inelastic Demand

Inelastic demand exists when the change in quantity is smaller than the change in price.

Inferior Goods

Inferior goods are goods that decrease in demand with an increase in income.

Inflation

Inflation is defined as a continuous and considerable rise in the general price level over a period of time.

Inflation Targeting

Inflation targeting refers to the effort by the reserve bank to keep inflation between certain upper and lower limits.

Informal Sector

Informal sector is sometimes called the shadow, underground or hidden economy, and refers to people who are employed in economic activities that are unregistered, e.g. money lenders and petty traders.

Injection

Injection refers to money that enters the circular flow.

Innovative Products

Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. 

Input VAT

Input VAT – A vendor can claim back this VAT as it is paid on supply bought for the business. It is an asset.

Integrated Relationship

In an integrated relationship the two parties come together to operate as a single entity, while maintaining their separate identities, to create value over and above what either could achieve individually.

Intellectual Skills

the way you think about things, approach them and process the information.

 


Interdependent Relationship

As explained by Woodburn and McDonald (2011), in an interdependent level the organisations collaborate across a range of functions. Interactions are orchestrated and managed by a key accounts manager whose role is to manage the relationship, and ensure that nothing discredits the partnership.

Interest

Interest is payment for capital, example lease payments for machinery.

Intermediary

Also seen as a ‘middle man’. Intermediary is a company or person (such as a broker or consultant) who acts as a mediator or a link between parties for a business deal, investment decision, negotiation, and so forth.  

Intermediate Goods

Intermediate goods are inputs into the production of final goods, example nuts and screws.

Internal Audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization's operations.

Inverse Relationship

Inverse (negative) relationship shows two variables which are causally linked increasing or decreasing in opposite directions.

Investment

Investment refers to the buying of capital goods needed for production, example machinery.