Name- Parikshit Singh Bhati

Semester- V
Subject- Operational Management
Roll NO- 1628

ANSWER 1

ANSWER 2-
Yes, I think having ethics in business is an unquestionable value. Ethics has become
increasingly relevant for business for various reasons.
1. Helps in identifying new opportunities, markets, and competitive advantages while
avoiding risk and damage to the business-
First of all, the ethical challenges of business have become increasingly complex due
to globalization, technological developments, and sustainability issues. Businesses
need sophisticated and tailored tools to meet these challenges, manage related
risks, and recognize implications for strategic management. Analyzing and
addressing ethical aspects related to one’s business can help identify new
 opportunities, markets, and competitive advantages, and also helps to identify and
avoid risks and potential damage to the business. Neglect of, or insufficient dealings
with, ethical aspects can result in substantial damages and costs. Examples such as
the Enron scandal of 2001, the financial crisis of 2008, the Gulf of Mexico oil spill in
2010, or the VW emissions scandal in 2015 show the harm that can result from a lack
of ethics for business, society, and the environment.

2. Business Ethics as a business opportunity-

Ethical challenges are often at the same time business opportunities or can be
turned into business opportunities. It would therefore be too narrow to see ethics as
a restriction, hindrance, or unavoidable burden of business practice. Integrating
ethical analysis into strategic management can reveal many new business
opportunities, such as further efficiency potentials, new markets, new ways to more
robust supply chains, overall improved products and product life cycles, ethical
branding, and reputation gains.

3. Ethics as a strategic management tool-

More and more corporations and smaller businesses are using ethics as a strategic
management tool. There is a strong business case for perceiving ethics this way. As
many ethical concerns and challenges are directly related to systemic real-world
issues, particularly global environmental constraints and societal issues, it is crucial
for businesses to carefully consider the implications for their own operations and
products, and strategically consider solutions to these issues that make them more
competitive.

4. Helps in meeting societal and legal expectation for business-

There are also increasing societal and legal expectations for business. The ethical
expectations of stakeholders have increased in recent years. Consumers,
communities, employees, and investors increasingly make value-based economic
decisions and demand more ethical responsibility from businesses. Also, there have
been more legal requirements for business ethics. For instance, in the Consumer
Protection Act Environment Pollution Act, Competition Act etc require businesses to
 develop, and adhere to, various ethical standards and procedures, to ensure ethical
integrity, and to pay more attention to ethical aspects of their organization and
operations. Against the backdrop of increasing societal and legal expectations,
businesses have increasingly adopted ethical instruments, such as ethics and
compliance programs and corporate responsibility strategies. The overall increased
demand for business ethics has also led many business colleges to integrate business
ethics into their curriculum in order to prepare future employees and business
leaders for the complex ethical challenges in modern business, prepare them to
understand the function of ethics for business, and enable them to effectively
implement ethical tools to promote business success.

5. Provides fundamental level of reflection for business-

business ethics provides a fundamental level of reflection for business. Many people
participate in one way or the other in the business world, and most people in
business probably want to have a positive impact on the world with their
professional activities. Business ethics is a tool of self-reflection and guidance: how
can we ensure that business is a positive force for society and the world, and what
ethical norms should guide us in shaping the future of business? This self-
reassurance and guidance is not only crucial for business, but also for society and its
future.