Question

Find an example, illustration, or application of this week's business topics from any of the following sources: -The news media (including newspapers, trade publications, magazines, online resources, etc...) -Your own work experience (either past or present), or -An interview with a business professional Please post your example to the class (roughly 250+ words) and tie it very specifically into one or more of the concepts under discussion this week. 1. Understand what is meant by business ethics. 2. Identify the types of ethical concerns that arise in the business world.

Answer 1

One organisation X was involved in project management where both hardware was supplied and software to run the hardware was supplied. The hardwares were procured by the purchase department and the softwares to run the hardware was developed in house by the software development team. The organisation was not paying the vendors supplying the hardware on time. The software development team was not developing the software on time. Both software and hardware delays led to significant delays in project execution at the customer side. The customers were getting dissatisfied and started deducting penalties. There was also inadequate project planning leading to old inventories getting piled up with no movements and therefore money blocked in inventory further delaying the payment to vendors.

Not able to make payment to vendors on time, negotiating for 6 months credit, not able to satisfy the customers are business ethics issues. Business should be run keeping in mind the interests of all the stakeholders including shareholders, vendors, customers, employees, tax authorities, laws of land. Thus business must know the environment within which they function and should satisfy the interests of all stakeholders. If the interest of any stakeholder is not met, then the business is not running ethically. So examples of business run unethically can be pilferage of funds, misappropriation of funds, dissatisfied vendors, dissatisfied customers, dissatisfied employees (no work life balance etc.), not paying taxes, not meeting environmental concerns like disposing of waste unethically etc. etc.