What is a Sin Tax? A sin tax is a tax levied on goods or services that are considered to be harmful or costly to society. The goods and services commonly include tobacco, alcohol, sugar-added drinks, and gambling. The main purposes of imposing sin taxes are to reduce the consumption of harmful goods and to…
What is an Ethical Dilemma? An ethical dilemma (ethical paradox or moral dilemma) is a problem in the decision-making process between two possible options, neither of which is absolutely acceptable from an ethical perspective. Although we face many ethical and moral problems in our lives, most of them come with relatively straightforward solutions. On the…
What is Agile Project Management? The Agile Project Management approach arose in the early 2000s when software development teams realized they were unable to quickly and flexibly deliver systems while utilizing traditional processes (e.g., waterfall method). The agile approach to project management focuses on people and continuous improvements to the system through shorter development cycles….
What is Project Management? Project management refers to how a project is designed and organized to produce an end product that will make an impact on an organization. It is where knowledge, skills, experience, and processes are applied to meet an organization’s objectives. Projects that are new, time-bound, involve multiple parties and require risk control…
What is a Permutation? A permutation is a mathematical technique that determines the number of possible arrangements in a set when the order of the arrangements matters. Common mathematical problems involve choosing only several items from a set of items in a certain order. Permutations are frequently confused with another mathematical technique called combinations. However,…
What is a Combination? A combination is a mathematical technique that determines the number of possible arrangements in a collection of items where the order of the selection does not matter. In combinations, you can select the items in any order. Combinations can be confused with permutations. However, in permutations, the order of the selected…
What is the Total Probability Rule? The Total Probability Rule (also known as the Law of Total Probability) is a fundamental rule in statistics relating to conditional and marginal probabilities. The rule states that if the probability of an event is unknown, it can be calculated using the known probabilities of several distinct events. Consider…
What is Average Cost Basis? Average cost basis is defined as the means to attribute the purchase price to shares underlying a mutual fund or an account managed by a custodian (broker). It is calculated as the total amount paid to purchase the mutual fund or investment in a custodian account divided by the total…
What is the Voluntary Carbon Market? The voluntary carbon market enables private investors, governments, non-governmental organizations, and businesses to voluntarily purchase carbon offsets to offset their emissions. The largest category of buyers comprises private firms that purchase carbon offsets for resale or investment. Companies that are unable to reduce their emissions can purchase carbon offsets…
What is Anti-Dumping Duty? Anti-dumping duty is a tariff imposed on imports manufactured in foreign countries that are priced below the fair market value of similar goods in the domestic market. The government imposes anti-dumping duty on foreign imports when it believes that the goods are being “dumped” – through the low pricing – in…
