Michael D. Bayles | the Professional-Client Relationship

question 52

Multiple Choice

Michael D. Bayles | The Professional-Client Relationship
Bayles presents a number of ethical models relevant to the professional-client relationship, based on the proportion of authority and responsibility expected from each: agency, contract, friendship, paternalism, and fiduciary. He concludes with support for a model that gives the most freedom and authority to clients, given their knowledge of the situation, a contract between equals whenever possible, and a paternalistic model only for cases in which a client may be incompetent
-The fiduciary model of the professional-client relationship is based on

• A) authority.
• B) trust.
• C) friendship.
• D) equality.

---

Definitions:

Standard Deviation

A statistic that measures the dispersion or variation of a set of data points from their mean.

Variance

A measure of how much the values in a dataset vary or deviate from the mean, technically the average of the squared differences from the Mean.

Coefficient of Variation

A normalized measure of the dispersion of a probability distribution or frequency distribution, often expressed as a percentage.

Standard Deviation

A metric that quantifies the spread of a dataset around its mean, computed as the square root of the variance.