Project 1 Assignment Example | Topics and Well Written Essays - 500 words

Project 1 - Assignment Example Ans3. The economic-benefit component consists of two variables namely delayed costs and avoided costs. Avoided costs were the maintenance or the operational expenses that were to be incurred but were avoided. Whereas, delayed costs are the ones which were postpones by the violation but will be incurred to attain compliance. On the other hand, gravity based component are the penalties over and above the economic benefit. The gravity based component is more effective because in this way businesses will be encouraged to self-police and not to violate. Ans4. The conditions are that the discovery of violation must be through environmental audits or EMS- Environmental management system; Discovery of violation must be voluntarily; agreement of taking steps for preventions should be there. The violation must be disclosed within 20 days after the discovery to EPA. Within 60 days, the violation must be corrected. Ans5. We have learned the ways of conducting business ethically and this article highlights some rules and regulations that regulate the businesses and their environment. It keeps a check and balance that humanity and environment should not be harmed in the process. EPA’s incentives would help the businesses to be proactive from the start and they would not end up violating the rules, thus doing business ethically. Ans6. The main aim of any business is profit maximization. If the penalties hinder this objective then they will definitely make sure not to violate the rules. Moreover, in order to have a good image they will fulfill their corporate social