6- Global Value Chain And Risk, Issue, Crisis Management

Question 1

Risk management

Answer 1

Concerns potential risks and addressing issues which haven’t occurred yet and preventing them.

Issue – a gap between a firms actions and stakeholder expectations

Question 2

Crisis management

Answer 2

1- Prodromal crisis stage (warning - precursor, symptom - precrisis),2. Acute crisis stage (point of no return occurred)

3. Chronic crisis stage ( lingering on, indeed little, self doubt/analysis)
4. Crisis resolution stage (patient is well/whole again)

Question 3

Issue management process

Answer 3

Issue identification —> issue analysis —> ranking/prioritisation of issues —> formulation of issue responses —> Implementation of issues response —> Evaluation, monitoring and control of results

Question 4

Ethical relativism

Answer 4

Ethical principles are relevant to place, time, circumstance, characteristics

Question 5

Ethical imperialism

Answer 5

Only one set of good ethics and we have it