U3, AOS 1 - KK17 - Ethical Considerations Flashcards
What is ethical inventory management?
Ethical inventory management involves practices that ensure fairness, transparency, and responsibility in the handling of inventory.
True or False: Ethical considerations in inventory management only pertain to financial aspects.
False
Fill in the blank: One major ethical consideration in inventory management is __________ of products.
sustainability
What are the potential consequences of unethical inventory practices?
Consequences can include legal penalties, loss of customer trust, and damage to the company’s reputation.
Multiple Choice: Which of the following is NOT an ethical consideration in inventory management? A) Fair labor practices B) Environmental impact C) Maximizing profit at all costs
C) Maximizing profit at all costs
What role does transparency play in ethical inventory management?
Transparency helps build trust with stakeholders and ensures accountability in inventory processes.
True or False: Ethical inventory management practices can lead to improved customer loyalty.
True
What is the importance of accurate inventory tracking in ethical management?
Accurate tracking prevents overstocking and stockouts, reducing waste and ensuring customer satisfaction.
Fill in the blank: Ethical issues in inventory management can arise from __________ practices.
misleading
Multiple Choice: Which of the following is an ethical concern related to sourcing inventory? A) Supplier working conditions B) Price negotiation C) Delivery times
A) Supplier working conditions
What is the concept of ‘just-in-time’ inventory in relation to ethics?
‘Just-in-time’ inventory aims to reduce waste and improve efficiency, which aligns with ethical practices of sustainability.
True or False: Ethical inventory management has no impact on a company’s bottom line.
False
What is the relationship between ethical inventory management and corporate social responsibility (CSR)?
Ethical inventory management is a component of CSR, reflecting a company’s commitment to ethical practices and social responsibility.
Fill in the blank: Companies should conduct __________ audits to ensure ethical inventory practices.
compliance
Multiple Choice: Which of the following can enhance ethical inventory practices? A) Regular employee training B) Ignoring supplier policies C) Focusing only on sales
A) Regular employee training
What is the significance of stakeholder engagement in ethical inventory management?
Engaging stakeholders ensures their views and concerns are considered, promoting ethical decision-making.
True or False: Ethical dilemmas in inventory management can be resolved with a clear code of ethics.
True
What is the impact of unethical inventory management on consumer behavior?
Unethical practices can lead to consumer distrust and a shift towards competitors who practice ethical inventory management.
Fill in the blank: Ethical inventory management involves balancing profit with __________ considerations.
social
Multiple Choice: Which of the following practices is an example of unethical inventory management? A) Proper labeling B) Hidden fees C) Sustainable sourcing
B) Hidden fees
