WGU-D072 Personal Ethics on Fundamentals for Success in Business exam

WGU-D072 Personal Ethics on Fundamentals for Success in Business exam Personal Ethics - CORRECT ANSWER-refers to the ethics a person identifies with, which guides how they interact with others daily. Organizational ethics - CORRECT ANSWER-focuses on rules, principles and standards in respect to the business' activities Identify how ethics impact outcomes in organizations - CORRECT ANSWER-· Organizations tainted by questionable ethics suffer by a decline in their consumer base, increase employee turnover, and mistrust from their investor's. · Setting an unrealistic goal can lead to the compromise of ethics and standards. Example of personal ethics - CORRECT ANSWER-Speaking the truth, respecting elders, and never purposely hurt others. Example of professional ethics. - CORRECT ANSWER-Being punctual, refraining from gossip, and having good time management Provide an example of when personal and professional ethics may conflict - CORRECT ANSWER-Under the 'Code of Conduct,' police officers are obligated to enforce and uphold the law even if they don't agree with it. What are the 4 main ethical issues and their roles within organizations - CORRECT ANSWER-Societal, Stakeholder Issues, Internal Issues, Personal Issues Societal Issues - CORRECT ANSWER-Relates to society and getting involve in societal issues out of care and concern. Stakeholder Issues - CORRECT ANSWER-Anyone affected by the company's actions (consumers, employees, suppliers, and people within the community). Internal issues - CORRECT ANSWER-Relates to relationship between organization and its employees (fairness in management, pay, and employee participation). Personal Issues - CORRECT ANSWER-Deals with how employees treat each other (gossiping, taking credit for someone else's work). What are some benefits to an organization that practices high ethics? - CORRECT ANSWER-benefit from the trust of their stakeholders and has a competitive advantage in the marketplace. Define Corporate Social Responsibility (CSR). - CORRECT ANSWER-when an organization voluntarily engages in issues that are affecting the environment, community or society at large. What is the importance of CSR in the organization and in the community? - CORRECT ANSWER-· It's beneficial to both the organization and its stakeholders. It creates longterm profits and shareholder's trust for the organization. · Attract consumers who share the same values. · Increases organization's brand image (awareness) /creates a better image · Creates an advantage over competitors. CSR is important in the community because - CORRECT ANSWER-· Organization is gives back to the community (food bank/ school supplies giveaways, charities/donations, scholarships). · Ability to influence organization's economic practices. Company in accordance with their commitment example: - CORRECT ANSWERCompany ABC, states that they are becoming more eco-friendly. They show their commitments by manufacturing in a sustainable way, using renewable products, encouraging employees to recycle, partnering with like-minded people within the community. Company in discord with their commitment example: - CORRECT ANSWER-Company DEF, states that they are becoming more eco-friendly, but their actions are contrary. They don't manufacture in a sustainable fashion, don't practice recycling. All the company's actions are detrimental to the environment. Greenwashing - CORRECT ANSWER-Company's actions goes against their ethical commitments. Internal transparency - CORRECT ANSWER-the ability of everyone in an organization to exist within a system of openness, communication, and accountability Whistleblowing - CORRECT ANSWER-when someone tells the public or authorities of alleged misconduct in government department, private company or organization Sarbanes-Oxley Act (SOX - CORRECT ANSWER-aims at improving transparency in organizations by requiring clear reporting practices. Process Management/Business Process management (BPM) - CORRECT ANSWERrefers to management's initiative to design work processes so that they align with the organization's strategic goals Management - CORRECT ANSWER-involves directing a team of employees to work toward achieving a goal. Top management - CORRECT ANSWER-Presidents, CEOs, Executives, and vice president. Middle management- - CORRECT ANSWER-Plant managers, division managers, branch managers, general managers, department ma