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Code of Practice

Discuss about the Business Management for Bootstrapping.

Code of Practices is often known as professional ethics which is being adopted by a non-governmental or governmental organization or profession, and it is utilized for the regulation of that business. A code of practice can be well understood by the concept of professional responsibility[1]. A professional responsibility consists of different types of complicated issues, and there is a way to handle all these situations. The code of practice includes honesty, kindness, patience, faithfulness, fairness, independence as well as courage. The code of practice is concerned with the particular issues, and it does not cover every risks or hazard which may arise in any organization. In most of the cases, an approved code of practice results in the compliance of people’s health and safety duties.

The control over the timing, circumstances as well as the extent of giving out oneself with others is called privacy. Suppose for an example, a guy who may not want to be seen entering into a rehabilitation center that might stigmatize them. He does not want others to look into his matters, and it is his privacy. The privacy evaluation also consists of the accessing method behind the collection of information by the researcher about a potential candidate[2]. On the other hand, confidentiality is concerned with the treatment of information about an individual who has revealed in a relationship of trust. Confidentiality is all about the extension of policy and identifying data. It is also concerned with the agreements about the safeguarding of those who has the access to this identifiable information.

Here, the moral principles have described an organization. There are twelve ethical principles for the business executives.  They are integrity, honesty, fairness, loyalty, trustworthiness and promise-keeping, respect for others, leadership, concern for others, law abiding, accountability, reputation & morale and commitment to excellence. It is because of these ethical principles; an employee's complete work with integrity and honesty[3]. Employees who utilize their ethics to guide their behavior stick to their rules and policies. They utilize when they strive to meet their objectives of the organization. The ethical principles can attract customers to the product of the organization. It can lead to the increase in profits and sales. It also makes the employees stay in touch with the business, and so it reduces the turnover. As a result, productivity increases.

The legislation is an order placed by a governing body or the government on a particular industry. According to the industry, the law acts as an external driver which must be met by all players to be a complaint. Only the parliament of a country passes the legislation. The bill is also adopted by some other legislative arms of the government[4]. On the other hand, regulation is concerned with the particular requirement that can take on different forms like regulations that have more scope or specific law related to industries. There is a connection between the legislation, and the regulation is that the legislation is enforced by the regulators, and they support the necessities of the legislation. The regulations can be developed by both internal and external agreement. The regulations can also be prepared by technical specifications.

Confidentiality and privacy issues

Here, two topics are discussed such as social responsibility and cultural diversity. At first, the social responsibility is an ethical structure, and it suggests that a body such as individual or organization has the compulsion to act for the advantage of the society[5]. Moreover, it is concerned with sustaining the equilibrium between the two. It concerns not only to business associations but also to everyone whose any activities have an effect on the environment. On the other hand, the quality of different or diverse cultures all over the world is known as cultural diversity. Many industries and organizations can globalize their market for cultural diversity only. If there is no difference in cultures, then the world becomes dull as “plain water”.

Today, safety issues are one of the biggest issues faced by the employees of many organizations. Accidents are becoming very common in the workplace. From the research of BLS or Bureau of Labor Statistics in 2003, it has been reported that a net amount of 4.5 million non-fatal workplace injuries are observed in private organizations[6]. The safety of a work environment is crucial and is very expensive. It includes the insurance and medical costs, survivor benefits, compensation of the workers, damaged equipment as well as lost wages. 

Bootstrap is a kind of situation where an individual starts a company with diminutive funds. In addition, an entrepreneur who typically rely on personal savings to influence a start-up company is known as bootstrappers, and the process is called bootstrapping[7]. Moreover, sometimes bootstrapping unable to provide enough investment for the company to get regular success.

According to statistics, a central tendency is a kind of value for a distribution of probability. In addition, the central tendency can be called a location or center of the distribution. On the other hand, three effective measures of central tendency are discussed in many studies such as arithmetic mean, median, and mode. With the help of a finite set of values or theoretical distribution central tendency can be calculated[8].

Perceptual mapping is a kind of diagrammatic method which is used by asset marketers to attempt visual display the existing and potential customer’s perceptions. With the help of graphs, diagrams, charts, the positioning of products or brands which are used by customers. Moreover, perceptual maps include X and Y axis to display most desirable and less desirable factors of the position.

An extrapolation is a calculated or an educated guess or a hypothesis. In other words, an inference about the future based known incidents or facts and observations. The extrapolation is playing a significant to make future objectives of an organization. In other sense, through calculated risk an organization can make a decision which is called extrapolation[9].

Ethical Principles

The brand choice models are inspired by the fundamental elements of the marketing science. In other words, the marketing manager involves in some explicates about how the customers make a purchase decision. In addition, the strategic marketing variables such as price, advertising, and distribution are playing a significant role in this segment.

Conjoint analysis is the statistical method which is used during the market research in order to regulate various types of attributes of people such as function, feature. In addition, those attributes continuously influence an organization to make up an individual products or services. Moreover, with the help knowledge of various attributes of people, an organization can manufacture products according to the requirement of customers.    

The intention technique is a survey process that includes several steps. In addition, the most direct technique for assessing request in the short-run is to ask clients what they want to purchase for the anticipated day and age – more often than not a year. This is extremely valuable when the main part of the deals is to modern makers. Here the weight of determining is moved to the customer. In this strategy, clients may have a tendency to misrepresent their necessities. Clients are various, making the technique excessively arduous, impracticable and exorbitant.

Game theory is a kind of mathematical models that includes conflicts and cooperation between the smart, rational decision maker people of an organization. In other words, game theory is a model of optimality that leads to consideration not only financial benefits but also less expensive. In addition, the honorable partners of the organization also interact with each other with the help of the goal theory.

The experimental design technique is a kind of hypothesis systematic procedure which carry out under controlled conditions to determine an unknown aspect or interphase[10]. Apart from that experimental design can be used to reduce the cost of design through accelerate the process of design and it includes some several aspects such as products materials, labor complications, and customer’s requirement.

Cross-tabulation is the statistical tool which is used to analyze the categorical data. In addition, the categorical data is a combination of variables that are separated into various categories. This tool is mainly used to set a performance chart of the employee and other stakeholders in an organization. Moreover, this tool also helps to understand the statistical difference between two individual variables[11].

Data mining is an interdisciplinary subfield of a subject that is computer science. In other sense, Data mining is a kind of computational process which can calculate and discover patterns from a huge database through various types of computational techniques such as artificial intelligence, machine learning, database systems and statistics.

References

Cornwall, J. (2010). Bootstrapping. Upper Saddle River, NJ: Prentice Hall.

Han, J. and Kamber, M. (2006). Data mining. Amsterdam: Elsevier.

Han, J. and Kamber, M. (2006). Data mining. Amsterdam: Elsevier.

Sidi, A. (2003). Practical extrapolation methods. Cambridge: Cambridge University Press.

Trappey, R. and Woodside, A. (2005). Brand choice. Houndmills [England]: Palgrave Macmillan.

Turetsky, V. (2015). Book Review: Mathematical Game Theory and Applications Vladimir Mazalov, Wiley 2014. International Game Theory Review, 17(03), p.1580001.

Code of practice for project management for construction and development. (2010). Chichester, U.K.: Wiley-Blackwell.

Friend, M. and Kohn, J. (2007). Fundamentals of occupational safety and health. Lanham, Md.: Government Institutes.

Hunnicutt, S. (2009). Corporate social responsibility. Detroit, MI: Greenhaven Press.

Keizer, G. (2012). Privacy. New York: Picador.

Managing legal and ethical principles. (2009). Amsterdam: Elsevier/Pergamon Flexible Learning.

[1] Cornwall, J. (2010). Bootstrapping. Upper Saddle River, NJ: Prentice Hall.

[2] Han, J. and Kamber, M. (2006). Data mining. Amsterdam: Elsevier.

[3] Han, J. and Kamber, M. (2006). Data mining. Amsterdam: Elsevier.

[4] Sidi, A. (2003). Practical extrapolation methods. Cambridge: Cambridge University Press.

[5] Trappey, R. and Woodside, A. (2005). Brand choice. Houndmills [England]: Palgrave Macmillan.

[6] Turetsky, V. (2015). Book Review: Mathematical Game Theory and Applications Vladimir Mazalov, Wiley 2014. International Game Theory Review, 17(03), p.1580001.

[7] Code of practice for project management for construction and development. (2010). Chichester, U.K.: Wiley-Blackwell.

[8] Friend, M. and Kohn, J. (2007). Fundamentals of occupational safety and health. Lanham, Md.: Government Institutes.

[9] Hunnicutt, S. (2009). Corporate social responsibility. Detroit, MI: Greenhaven Press.

[10] Keizer, G. (2012). Privacy. New York: Picador.

[11] Managing legal and ethical principles. (2009). Amsterdam: Elsevier/Pergamon Flexible Learning.

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