Definitions of Statistics, Probability, and Key Terms The mathematical theory of statistics is easier to learn when you know the language. This module presents important terms that will be used throughout the text. Data, Sampling, and Variation in Data and…
Does aspirin reduce the risk of heart attacks? Is one brand of fertilizer more effective at growing roses than another? Is fatigue as dangerous to a driver as the influence of alcohol? Questions like these are answered using randomized experiments.…
Once you have a set of data, you will need to organize it so that you can analyze how frequently each datum occurs in the set. However, when calculating the frequency, you may need to round your answers so that…
Data may come from a population or from a sample. Lowercase letters like xx or yy generally are used to represent data values. Most data can be put into the following categories: Qualitative data are the result of categorizing or describing attributes of a population. Qualitative…
The science of statistics deals with the collection, analysis, interpretation, and presentation of data. We see and use data in our everyday lives. In this course, you will learn how to organize and summarize data. Organizing and summarizing data is called descriptive statistics. Two…
Figure 1.1 We encounter statistics in our daily lives more often than we probably realize and from many different sources, like the news. (credit: modification of work “New office” by Phil Whitehouse/ Flickr, CC BY 2.0) You are probably asking yourself the…
Businesses cannot run effectively in the long-run if they are not lead by an ethical leader. Being ethical is not a choice in business, i.e. you cannot choose as to when to be ethical. Your everyday decisions in business need to…
How to Address Ethical Issues in the Workplace
Business ethics inform a company’s values and goals, as well as how it runs its day-to-day operations. An ethical company runs on principles such as honesty, integrity, fairness, trustworthiness, accountability, and respect for others.
Ethical problems arise when behaving ethically is not the most advantageous action for the business itself. There are four key factors that lead to ethical behavior. To behave with integrity, a business should have a robust ethical code of conduct.