Almost Every Organization Includes Values and Ethics in Its Mission

question 98

Multiple Choice

Almost every organization includes values and ethics in its mission statement, but establishment of an ethical business climate requires:

• A)clearly stated regulatory requirements.
• B)legal training for labourers.
• C)weekly reminder seminars.
• D)commitment from senior management.
• E)cooperation from competitor management.

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Definitions:

Pretransaction Costs

Expenses incurred before the actual purchase or transaction takes place, such as research, supplier evaluation, and negotiation costs.

Value Engineering

A systematic process aimed at increasing the value of a product, project, or service by examining its functions, improving performance, and ensuring cost efficiency.

Value Analysis

A systematic approach to assess the functionality of goods and services with the goal of reducing cost without compromising on quality.

Reducing Costs

A process aimed at lowering the overall expenses involved in running a business or producing goods and services.