What is the Poisson Distribution? The Poisson Distribution is a tool used in probability theory statistics to predict the amount of variation from a known average rate of occurrence, within a given time frame. In other words, if the average rate at which a specific event happens within a specified time frame is known or…
What is a Case Competition? A case competition is an event where contestants compete to create the best solution to a business case study within the rules and guidelines set out by the organizer. Cases may be designed for individuals or teams, and contestants have to submit their work for judging by a panel. Judges…
Who are Private Auctioneers? Private auctioneers refer to persons authorized or licensed by law to sell goods or properties at public auctions. Private auctioneers differ from brokers, in that the latter can both buy and sell goods, whereas private auctioneers can only sell. They sell goods brought by sellers to the market and offer them…
What are Business Ethics? By definition, business ethics are the moral principles that act as guidelines for the way a business conducts itself and its transactions. In many ways, the same guidelines that individuals use to conduct themselves in an acceptable way – in personal and professional settings – apply to businesses as well. Determining…
What is an Addendum? An addendum is something added to a previously existing written document – usually a contract. Typically, it is either a more detailed explanation of something already noted in a contract or a proposed change to the contract. The word addendum, or the plural addenda, is derived from the Latin word addere, which means…
What is Vetting? Vetting is a process in which a background check is conducted before deciding on a specific item of action. Vetting occurs throughout various professions and is a critical process in which various decisions of different sizes are appraised. Fact-checking through the vetting process allows for informed decision-making, long-term strategic planning, and protection…
What is Non-Farm Payroll? Non-farm payroll represents the change in jobs in the economy over the previous month that does not include farm workers, private household employees, or non-profits. The statistic is released by the U.S. Department of Labor and is a key indicator of the labor market. The non-farm payroll data helps present the…
What is a Non-Cash Charge? A non-cash charge is an accounting expense that does not involve any cash outflow. Unlike a transactional expense that uses cash, a non-cash charge is only considered as an accounting expense on the income statement. Non-cash charges can include expenses such as depreciation, amortization, and depletion. In all the cases…
What is National Insurance Contribution (NIC)? National Insurance Contribution (NIC) is the amount payable by employed individuals and employers to HM Revenue and Customs (HMRC) – the UK government’s non-ministerial department. When initiated by the National Insurance Act 2011, it provided a kind of insurance benefits against unemployment and illness, and after some amendments, eventually…
