Question

4- Name the six business management perspectives that go beyond planning, controlling, and decision making?

5- What does IMA stand for? Name the IMA guidelines that stand for ethical behaviors.

6- Why do we need to have and abide by the ETHICAL STANDARDS?

7- What is corporate social responsibility? Give at least 2 examples of corporate social responsibility.

Answer 1

4.

Six Business Management Perspectives that go beyond the numbers to enable intelligent planning, control, and decision making are:

1. An Ethics Perspective
2. A Strategic Management Perspective
3. An Enterprise Risk Management Perspective
4. A Corporate Social Responsibility Respective
5. A Process Management Prospective
6. A Leadership Perspective

5.

IMA stands for the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices.

IMA members have a responsibility to comply with and uphold the standards of Competence, Confidentiality, Integrity, and Credibility. Failure to comply may result in disciplinary action.

6.

We need to have and abide by the Ethical Standards because Ethics are the principles and values an individual uses to govern his activities and decisions. In an organization, a code of ethics is a set of principles that guide the organization in its programs, policies and decisions for the business. The ethical philosophy an organization uses to conduct business can affect the reputation, productivity and bottom line of the business.

7.

Corporate social responsibility (CSR) can be defined as the "economic, legal, ethical, and discretionary expectations that society has of organizations at a given point on time" . The concept of corporate social responsibility means that organizations have moral, ethical, and philanthropic responsibilities in addition to their responsibilities to earn a fair return for investors and comply with the law. A traditional view of the corporation suggests that its primary, if not sole, responsibility is to its owners, or stockholders. However, CSR requires organizations to adopt a broader view of its responsibilities that includes not only stockholders, but many other constituencies as well, including employees, suppliers, customers, the local community, local, state, and federal governments, environmental groups, and other special interest groups. Collectively, the various groups affected by the actions of an organization are called "stakeholders."

Examples of CSR : Provide digital education in Rural Areas, Collaborate with a NGO, Free Medical Camps in Backward Areas, Donations to Orphanages/ Old age homes etc.