In a Short Essay, List and Discuss the Four Types

question 32

Essay

In a short essay, list and discuss the four types of statements that a corporation may adopt to communicate the corporation's view of the subject of ethics.

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Definitions:

External Failure Cost

Costs incurred when a product fails to meet quality standards after it is delivered to the customer, including returns, repairs, and lost reputation.

Prevention Cost

Costs incurred to prevent defects in products or services, including costs for quality training and process control.

Internal Failure Cost

Costs associated with defects found before the delivery of a product to the customer, including waste, rework, and scrap.

Life Cycle Budget

An estimation of the costs associated with a product or project over its entire lifecycle.