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business
understanding business ethics

Questions and Answers of Understanding Business Ethics

Look back at several attempts to address issues. Were the benefits and effects as anticipated?
What did you learn about the issues after doing this that you did not know before?
Try applying the alternative decisions that were identified in the issues in Question
For a project that you are working on, identify several issues (both open and closed). Determine the step that each is currently in. Next, assess how effectively each issue was addressed in previous
Evaluate how well your organization tracks issues by answering the following questions:Do you know how many issues are open and closed in a specific project?Do you know which issues have the highest
Evaluate your organization in dealing with issues. Answer the following questions:Does the organization have a standardized issue management approach?Does the organization have standardized software
Assess your abilities in each of the following areas:Identifying issues Determining the ramifications and impact of issues Deciding on the issues and timing of announcements Defining the action items
Define to what extent your organization addresses each of the management areas on a formal or informal basis. What changes would you suggest?What benefits would accrue from your changes?
First assess how your project is doing, using the measurement methods of this chapter. Then you can expand this method to multiple subprojects.
Answer the following questions related to measurement.Do you have a formal process for moving from a project concept to the project plan, or do plans just get created? How many of the plans created
What detailed work is required to prepare for consultants? Here is a list in the first column. Place the departments that are affected in the column headings. Rate the items on a scale of 1-5 in
Answer the following questions related to contracting and contractors.Do you make efforts to ensure that there is transfer of knowledge from consultants? Is there any validation?What is the turnover
Now evaluate how the organization is managing the group of subprojects.Are you taking full advantage of the common elements between the subprojects?
Next, develop the table in Action 2 that supports grouping. Proceed to Action 3 and group the subprojects.
Develop the table in Action 1 to determine the resources and other factors required by a set of subprojects.
Address the following questions related to how your organization handles multiple projects.How does your organization address multiple projects that are not reHow does your organization roll up the
If you are in a large organization, how are milestones reviewed? Is the process different among projects? Do you use standardized checklists?How often are end products turned down as not being
Practice analyzing work. Take a specific task that you or a friend perform.Divide the task into component parts, as discussed earlier. Define several alternatives for improving the work. How would
Answer the following questions related to project work.How do you measure your own work in a project? What quality standards do you attempt to meet?To what extent is an effort in place to define
Return to the E-Business plan and add tasks that include procurement, setting up resources, and removing resources. What is the effect on the overall schedule? If the result has a major impact, you
For personnel resources, identify the interpersonal problems that exist within the team. Has anything been done about these? What steps do you think can be taken now?
Conduct an assessment of how nonpersonnel resources are being managed.Determine the impact of resource problems on E-Business.
Identify potential opportunities for collaborative work outside of projects.On projects, try to have about 30 percent of the project tasks assigned to several people. Select a small project involving
Answer the following questions related to collaborative work.Do you have an approach for doing work in a collaborative environment?Notice that the word work was used and not projects. It is helpful
Review your update and analysis process for your work. How well is it organized? Have you divided updating activities from analysis? Does the analysis that you do get translated into actions and
Evaluate your technique for assessing milestones in your work or the process in the work with which you are familiar. Should you adopt a more formal process in evaluating milestones and work?
Using the list of Group I and Group I1 activities in this chapter, list how much of an average week is spent in each activity. Make a list for several subproject managers around you, also.
Answer the following questions related to tracking.To what extent are you on top of the work? Are you aware of what is going on in the work today? If you had to walk over to the team mem-bers and go
Review your last formal presentation. What preparation in terms of contacts did you make? What efforts did you make to practice the presentation? What surprises arose during the presentation? How did
Prepare yourself for the informal management contacts by making sure that you are aware of status and issues. Begin to update one of the managers.After doing this once a week for several weeks,
Identify three or four key managers who are critical to E-Business in terms of their approval of major milestones. Develop a plan for how you could contact them informally at the start of the day.
Answer the following questions related to management communications.How do you prepare for presentations now? How do you prepare documents? What preliminary reviews do you receive?
Develop an approach for modifying your method of communicating. Start with one media form at a time. Work on electronic mail and faxes, since these are relatively short and focused.
Start keeping a log of your communications. Note the date and time of contact, the person contacted, the nature of contact, the response, the date and time of response, and the action that resulted.
Go into your files and grab several memos or copies of electronic mail that the message and the overall communication?you have to clarify messages that were not properly received?spent on issues?Do
Here are some questions to answer for your project communications.What is the level of your awareness of being able to differentiate between Think through the communication process you use today. How
In your project defined earlier, identify the methods and tools you would like to use. Compare this to what your organization employs. What advantages are offered by those you would like to use? What
Estimate the cost and time to implement a new set of tools. Write down answers to the following questions:How many PCs will have to be upgraded for the new tools?Will the network have to be
Define what tools you would like to have to use with the software your firm already owns. Again, you can use a table. In the first column, list the tool areas. In the second column, give the proposed
Evaluate your current methods and tools. Begin with the list given earlier in this chapter. In the first column, write each area of E-Business management. Write down the method used in each area in
Here are some questions to ask about your methods and tools.Do you have a standard list of methods and tools for project management in your organization?How has the list of methods and tools changed
Return to your plan and insert the resource-related tasks that were identified earlier in this chapter
Using the information from the list in Question 2, develop a GANTT chart in which the tasks are resources arranged or sorted by type. The schedule is the time that the resource is needed. This GANTT
For the project you developed in the first chapters, make a more complete list of people, equipment, and facilities that you require on the project. For each category of resource, identify the
Answer the following questions about resources.How long do people stay on projects in your organization?Are efforts made to release resources as soon as possible?Do your projects have resource
Sit down with the current schedule and task plan. Compare it with the first approved version of the plan. What are the major differences? How many differences can be attributed to changes generated
If you are currently involved in E-Business, take this opportunity to assess the project team in the following areas: Do some members of the team have too much to do while others are not busy? This
For the project you defined in earlier chapters (or a project selected as an example), identify the team members and their duties. Separate these into core team members and part-time members. Assign
Answer the following questions about teams. Does your organization provide any rules, guidelines, or suggestions on roles and duties of team members on projects? What is the mix of full-time and
Evaluate yourself in terms of the following: How much exposure do you give team members in reporting to manage- ment? How much time do you spend individually with team members vs. group meetings?
Assess the state of the project management process in your organization. Are standardized templates and procedures in use? Are projects with dif- ferent levels of risk managed differently? Or are
Using stories of success in the magazines, define attributes of successful E-Business leaders. How did they become leaders? Where did they learn about E-Business?
Address the following questions.Does your organization have a standard approach for becoming a leader or remaining as a leader?How are project managers evaluated in your organization? Do the criteria
Do you communicate what is going on in the project with your line manager?
Have you had any problems getting along with the leaders?
Do you need more training? Do you volunteer to do additional work?
Are you using the methods and tools correctly and effectively?
Is the balance good or does it need adjustment?
How much time are you devoting to the E-Business work vs. other work?
Are you unsure about how to proceed with any of the assigned issues?
Have you taken care of issues assigned to you for analysis and resolution?
Do you have an adequate picture of the overall project status?
How much time are you spending in administration vs. management? Is the balance good or does it need adjustment?
How aware are you of what other firms are doing in E-Business?
Take the template you have just created and add more detailed tasks for the work to be done in the next month. Define the duration of all detailed tasks.Determine the starting dates for all detailed
For a simple E-Business effort, develop a template using the following steps:Identify 10 to 15 highest level summary tasks.Identify the same number of major milestones. Put these into a task list.You
Look over several projects and attempt to define the objectives, scope, and strategies for the projects. Create a table in which the rows are the projects and the columns are objectives, scope, and
Here are some basic questions to ask about your organization relative to general project management.Does your firm follow an established sequence of actions in developing project plans? If so, are
Assuming that your organization has multiple simultaneous projects, how does the organization cope with multiple project management? More specifically:Is there an overall project summary?How are
Projects and project management have been discussed. A first suggestion is that you assess the projects around you by reviewing the following statements. Answer each on a scale of 1 to 5, in which 1
Here are some basic questions to answer that relate to the culture of projects and project management.Does the project you are working on have a clear objective and scope?Have these changed since the
3. Why do you think the European Union has begun to target multinationals it believes are using strategies to pay lower tax rates? Taxes are an important part of corporate finance that affect such
2. Do you believe that moving corporate headquarters to countries with lower tax rates is ethical? Taxes are an important part of corporate finance that affect such wide-scale corporate decisions as
1. Why do you think tax rates are important to a firm’s financial decision making? Taxes are an important part of corporate finance that affect such wide-scale corporate decisions as profit and
3. Do you believe that an emphasis on human capital and a long-term investment approach is the best approach for Cue Ball to take from a financial perspective? Boston-based Cue Ball Group is not your
2. Why do you think Cue Ball wants to invest in firms with similar values to its own? Boston-based Cue Ball Group is not your typical venture capital firm. Cue Ball invests in startups that
1. How has Cue Ball carved a niche for itself in the venture capital industry? Boston-based Cue Ball Group is not your typical venture capital firm. Cue Ball invests in startups that prioritize human
3. Do you feel that a mentorship program will help close the gap? Although many of the students who major in accounting and finance are women, they occupy less than 12 percent of CFO
2. Describe some ways that companies are trying to promote management positions to female finance employees. Although many of the students who major in accounting and finance are women, they occupy
1. Why do you think there are so few female CFOs? Although many of the students who major in accounting and finance are women, they occupy less than 12 percent of CFO positions—despite making up 17
3. Why do you think Greenleaf Trust is committed to its employees? How might this affect the quality of financial services it offers? When Michigan-based Greenleaf Trust was founded in 1998, it
2. Why is it important that the Federal Reserve and the Federal Deposit Insurance Corporation regulate financial institutions like Greenleaf Trust? When Michigan-based Greenleaf Trust was founded in
1. Describe the financial services Greenleaf Trust offers to its clients. When Michigan-based Greenleaf Trust was founded in 1998, it wanted to become well known for how it treats both clients and
3. Do you believe that cybersecurity risk management plans will help increase protection against cybercrime? Why or why not? When cybercriminals hacked financial giant JPMorgan Chase and stole
2. Do you think wide-sweeping cyberstandards for banks are the best solution, or should banks be able to adopt standards based on their own unique risks? When cybercriminals hacked financial giant
1. Why is cybersecurity becoming such a major issue for financial institutions? When cybercriminals hacked financial giant JPMorgan Chase and stole information from 76 million households, the
3. Given a choice, would you rather deal with a bank or a credit union? Is it time to ditch the bank for the credit union? Credit unions have several advantages over banks. Because they are nonprofit
2. What are the disadvantages of credit unions over banks? Is it time to ditch the bank for the credit union? Credit unions have several advantages over banks. Because they are nonprofit
1. What are the advantages of credit unions over banks? Is it time to ditch the bank for the credit union? Credit unions have several advantages over banks. Because they are nonprofit institutions,
LO 15-1 Define money, its functions, and its characteristics.
3. What might be some advantages to reporting and monitoring environmental costs? ExxonMobil seems like an unlikely corporation to take a large step toward increasing environmental reporting.
2. Why do you think more than half of the firms listed on the 31 largest stock exchanges report environmental data? ExxonMobil seems like an unlikely corporation to take a large step toward
1. Should companies include environmental costs, or “stranded assets,” into their accounting statements? ExxonMobil seems like an unlikely corporation to take a large step toward increasing
3. How might higher priced chicken wings impact the company’s profitability? Buffalo Wild Wings was founded in 1982 by James Disbrow and Scott Lowery after the two were unable to find a nearby
2. Why did Buffalo Wild Wings need someone with a strong accounting background to turn the company around? Buffalo Wild Wings was founded in 1982 by James Disbrow and Scott Lowery after the two were
1. Why did Buffalo Wild Wings get in trouble with the IRS, and what does this say about the importance of accounting? Buffalo Wild Wings was founded in 1982 by James Disbrow and Scott Lowery after
3. As a manager, how would you try to detect fraud?
2. What is the best way to prevent fraud?
1. Why do you think fraud is a significant financial issue in most businesses?
LO 14-3 Examine the various components of an income statement in order to evaluate a firm’s “bottom line.”

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