Journal Impact Factor is the average number of times articles from the journal published in the past two years have been cited in the JCR year. It is calculated by dividing the number of citations in the JCR year by the total number of articles published in the two previous years. An Impact Factor of 1.0 means that, on average, the articles published one or two year ago have been cited one time. See Thomson-Reuters website for a Detailed Explanation
The 5-Year Impact Factor is the average number of times articles from the journal published in the past five years have been cited in the JCR year. It is caclulated by dividing the number of citations in the JCR year by the total number of articles published in the five previous years.
Adapted from the ALA Glossary of Library and Information Science.
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Refereed Article: with some exceptions, a refereed article is one that is blind reviewed and has at least two external reviewers. The blind review requirement and the use of external reviewers are consistent with the research criteria of objectivity and of knowledge.
Some journals that have attained a reputation for quality do not use either a blind review process or external reviewers. The most notable is Harvard Business Review that uses an editorial review process. Its reputation for quality results from its readership whose continual subscription attests to its quality.
Although the type of review process and use of external reviewers is one possible definition of a refereed article, it is not the only criteria. Judging the usefulness of a journal to the advancement of knowledge requires the reader to be familiar with many journals in their specialization and make their own evaluations.