Meaning of Concepts Essay Example | Topics and Well Written Essays - 500 words

Meaning of Concepts - Essay Example The values must cover all of the possible outcomes of the event, while the total probabilities must sum to exactly 1, or 100%. For example, a single coin flip can take values ‘Heads or Tails’ with a probability of exactly 1/2 for each; these two values and two probabilities make up the probability distribution of the single coin flipping event. For example, a dart thrown at a dartboard has essentially zero probability of landing at a specific point, since a point is vanishingly small, but it has some probability of landing within a given area. The probability of landing within the small area of the bulls’ eye would (hopefully) be greater than landing on an equivalent area elsewhere on the board. A smooth function that describes the probability of landing anywhere on the dartboard is the probability distribution of the dart throwing event. The integral of the probability density function (pdf) over the entire area of the dartboard (and, perhaps, the wall surrounding it) must be equal to 1, since each dart must land somewhere. The normal distribution, also called the Gaussian distribution. In it each member of the family may be defined by two parameters, location and scale: the mean ("average", ÃŽ ¼) and variance (standard deviation squared) ÏÆ'2, respectively. Type I error, also known as an â€Å"error of the first kind†, â€Å"ÃŽ ± error†, or a â€Å"false positive†, the error of rejecting a null hypothesis when it is actually true. It occurs when we are observing a difference when in truth there is none. Type II error, also known as an â€Å"error of the second kind†, â€Å"ÃŽ ² error†, or a â€Å"false negative†, the error of failing to reject a null hypothesis when the alternative hypothesis is the true state of nature. In other words, this is the error of failing to observe a difference when in truth there is one. This type of error can only occur when the statistician fails to reject the null hypothesis. The

Biggest Obstacle to Business Sustainability Essay

Biggest Obstacle to Business Sustainability - Essay Example In other words, it ensures the efficiency and effectiveness of the supply chain. According to Werther and Chandler (2011), there are several CSR-related concepts that used to overcome communication barriers in a business. The Strategic Corporate Social Responsibility: Stakeholders, Globalization, and Sustainable Value Creation contain ideas that improve communication. Specifically, these include accountability (p. 305), business ethics (p. 336), stakeholder relations (p. 374), and environmental sustainability (p. 326). Others include compliance (p. 313), the use of the media (p. 344), religion (p. 365), and sustainable development (Werther and Chandler (2011, p. 326). Accountability requires honesty and transparency in the auditing process within an organization. The economists and accountants preparing the audit reports should embrace answerability as a crucial tool for linking up with the stakeholders. According to Werther and Chandler (2011), accountability enables external auditors to assess the organization and the managers. Consequently, this enhances the reliability of the reports conveyed to the stakeholders. Specifically, it minimizes the instances of doubts within the organization. Accountability ensures a proper flow of information between the managers and the employees. For this reason, it is the most critical virtue that promotes responsibility of the managers. In response, the supervisors pass all the relevant, reliable information to the employees and the customers. Business ethics refers to the mode of conduct within an organization. Professional ethos and values dictate the behavior of the workers and managers. The principles encompass the behavior and responsibilities of the organizational fraternity. Corporate integrities assist in reducing instances of communication breakdown in an organization (p. 335). According to the ethics, it is the role of