In manufacturing, products which are made and stocked before customers orders have been received.

In advertising, a free advertising slot given to a company by a TV station, magazine, etc., if the company’s advert was previously run incorrectly.

In business or government, the act of incompetence or running a system in a dishonest way.

An economy in which goods, allocation of resources and prices are determined by the government.

A type of Internet hosting in which the hosting supplier deals with technical issues and problems related to the website, in addition to the basic hosting of the website.

When a management team from outside a company acquires more than 50% of the company, so they become the majority shareholders, and then manage the company themselves.

MBO. The purchase of all or part of a company by the company’s existing managers.

A management style in which managers give employees the authority to run projects, etc., by themselves and managers only become involved if the employees fail to meet certain criteria or standards.

A person who is in charge of a project, department, group, team, etc.

Technically a legal or official document giving an order or instruction. More loosely it refers to a permission or approval. In politics or democratic situations such as trade unions it refers to an authorisation for leadership to act based on election or vote. Derived from Latin mandatum meaning ‘something commanded’, from manus (hand) and dare […]