What does it mean?
The P0111 occurs when the PCM reads a signal in the IAT circuit which varies from expected values based on other sensor readings (such as the Engine Coolant Temperature sensor). This is a distinct condition from related codes P0112 and P0113. For these codes the PCM reads either a consistent high or low voltage in the IAT circuit. See the IAT in depth article (P0112) for more background on the IAT sensor.
Note: A Range/Performance related code will be set when either a sensor or other component does not perform within the range the PCM (Powertrain Control Module) expects to see, given the current engine load/speed, and information gathered from other sensors.
The possible causes of Range/Performance codes are likely to be defective sensors as easily as they are likely to be the result of wiring issues that affect the operation of the affected sensor or component, which means that with these codes, it is important to regard all sensors and components as part of the control circuit the code refers to.