Someone who has a right to be included because of their job or position, e.g. to sit on a committee. (Latin – by virtue of office or position)-

Goods which are available for immediate delivery because the supplier has them in stock.

Goods which are delivered to the purchaser at the plant or place where they are manufactured. The purchaser then pays for transporting and insuring the goods from that point.

Also known as Foreign Exchange Rate. The rate, which can vary from day to day, at which a country’s currency can be exchanged for another country’s currency.

When a business risks losing money because of the need to change one currency for another of lower value.

The risk that a company’s plans, or a project, will fail because of changes being made, e.g. entering a new market, bad management, etc.

Also called Internal Director. A person who usually works as a full-time senior employee for a company, and is responsible for the day to day running of the business, and is often a member of the company’s board of directors.

Also called Harvest Strategy. A plan by an investor to dispose of an investment, such as shares in a company, to make a profit, or a business owner to dispose of their company, e.g., by selling the business, floating it on the stock market, ceasing to trade, handing it over to another family member, etc.

A theory of motivation developed by Canadian Victor Vroom, Yale professor of management and psychology, established in his 1964 book, Work and Motivation, which essentially states that motivation necessarily comprises and is determined by three elements of belief: 1. Effort will produce success. 2. Success will produce reward. 3. These outcomes will be personally satisfying.

In business, when costs fall and production increases as a result of increase in workers skills and lower material costs.