Cips L4m8 Exam Verified 100% Correct!!

Reporting Framework {Ans: A set of criteria to measure an organisations performance}Code of Ethics {Ans: a set of morals, values and principles set out by an organisation to display what they deem to be acceptable conduct and behaviour. Ethical codes outline the values and missions of the organisation and state how professionals within the organisation should behave and perform within their role.}Sustainable procurement {Ans: balancing business needs against economic and social development and environmental protection.}Disadvantages of The Triple Bottom Line theory {Ans: -Is just a reporting tool -No legal requirement to conduct -Hard to measure effectively}Breach of contract {Ans: happens when one party fails to perform its legal obligations.}Kaizen {Ans: Japanese term for continuous improvement}perfect competition {Ans: a market structure in which a large number of firms all produce the same product}Amnesty International {Ans: An influential non-governmental organization that operates globally to monitor and try to rectify glaring abuses of political (not economic or social) human rights.}Advantages of agreeing a fixed exchange rate {Ans: -eliminates fluctuation -eliminates risk -prevents depreciation of currency -enables effective budgeting}Effects of Unethical Behavior on supply chain {Ans: -Supplier closed down -Shortage of products -Price rise