Measure Value Vice Versa - Joseph Stiglitz  Essay

  • Length: 13 pages
  • Sources: 6
  • Subject: Business - Ethics
  • Type: Essay
  • Paper: #3051675

Excerpt from Essay :

Measure Value Vice Versa." - Joseph Stiglitz. Having started module question:" What purpose business? "You finish assignment links question individual level. IMPORTANT*** PLEASE ONLY USE THE READINGS / TEXT / MATERIAL FROM THE ATTACHED FILE COURSE READINGS AND TEXT.

The Importance of Values on Decision Making

The following pages focus on providing an analysis of the application of ethical in several types of activity. The Introduction presents the points-of-view used in this paper. The following section focuses on using several models in answering the questions addressed by the Christensen article. The Ethical Decision Making Guide section is intended to discuss the ethical guide that I find useful in my situation. The Ethical Guide Application section provides some examples of different situations where this ethical guide was successfully applied. The Key Concepts section discusses some of the concepts that I became aware of during this course. The Conclusions section presents some of the most important issues addressed by the paper.


The values, morals, and ethics that people have present great influence on their behavior. This refers to their behavior in their personal lives, but also to their behavior at work or in business situations. In addition to this, these values influence people's decision making process. Specialists in the field have identified the fact that people make their decision based on the values they have. Therefore, if an individual's value of great importance is represented by money, that person is likely to make their decision based on factors that help them get more money from that decision.

People have different values. The fact that the communication process between people does not reach its objectives is also determined by the fact that certain individuals are not able to understand the fact that other people have different values, which leads to different objectives in the case of these people. The values that individuals have determine the objectives they want to reach, but also the strategies they develop in order to reach these objectives. Therefore, people should focus on identifying their values. This is because in numerous cases people can think they have certain values, but they actually have other sets of values in comparison with what they think they have. This incongruence leads to personals conflicts and does not allow people to reach their objectives.

Christensen Article Questions

The article written by Clayton Christensen is intended to provide important advice to different categories of individuals in the attempt to reach their objectives. The advice provided by Christensen is intended to help readers identify the strategies they must develop in order to reach their objectives (Christensen, 2010). These objectives refer to individuals' business activity, personal lives, and relationships with friends and other people. The questions that the article focuses on refer to how people can ensure their jobs make them happy, how they can ensure that their family can be a source of happiness, and how they can ensure they can stay out of jail.

Regarding the question on ensuring that people's jobs make them happy, I think it is important to apply Maslow's hierarchy of needs theory. This theory states that people's motivation is correlated with their pyramid of needs. The pyramid of needs is based on primary needs, like sleep, food, shelter, and others, secondary needs like protection, security, law, order, limits, sense of belongingness needs like family, affection, relationships, work groups, esteem needs like achievement, status, responsibility, reputation, and self-actualization needs, like personal growth and fulfillment.

In my opinion, people establish their objectives in life based on the resources they have at that point and their correspondence on the hierarchy of needs. If certain individuals report unsatisfactory resources for their primary needs, their objectives tend to be oriented towards satisfying these needs. But if they have satisfactory resources for these needs, they are likely to focus on satisfying needs on higher levels of the pyramid. However, this theory does not explain how certain people, once they satisfy the needs of certain levels of the pyramid do not move higher to satisfy needs of other levels of the pyramid. In other words, they are limited to lower levels.

The model that should be used in addressing the questions in the Christensen article is represented by the eight steps to decision making process. This is because this model was developed in order to address the ethical issues that are determined by the decision making process (Trevino et al., 2004). It has been observed that most decisions have ethical implications. In certain cases, the complexity of such issues determines decision makers to have difficulties with this process. Therefore, they require such a model in order to improve their decision making process and reach its objectives.

The eight steps to decision making process was improved in order to include most of the ethical problems that decision makers must address. The first step is represented by identifying the problem or dilemma in the decision making process in case. If such a problem is identified, the decision maker must establish whether this is an ethical, legal, moral, professional, or clinical problem. I think the legal problems are probably the most important. If individuals have questions on the legality of their profession this means that their career choice is not in accordance with the country's rules and regulations.

The following step is represented by identifying potential issues involved in the decision making process. This refers to evaluating the rights, welfare, and situation of the parties involved or affected by the decision in case. In other words, the decision maker must ensure that all the parties involved benefit from this decision. This also refers to the principles that the business or relationship is based on. It is important that the business is based on strong principles that shape individuals' development.

When making this decision, people must also review the relevant ethical codes. Each profession has its codes of ethics, of conduct, of relationship with society. However, in certain situations the decision maker should not necessarily agree with all of these ethical codes. This is because in certain situations these ethical codes might not be in accordance with the requirements of the market. Therefore, these codes must be improved.

Another important step in the eight steps decision making process is representing by identifying, studying, and understanding the applicable laws and regulations. It is important that individuals are aware of these laws. This also ensures their protection from breaking the law. In other words, this is how they can ensure that they stay out of jail. In order to follow these laws, people must first know them.

The following step is represented by obtaining consultation in the decision making process (Trevino et al., 2000). This refers to consulting with colleagues, managers, or companies that provide such consultation. Basically, the decision maker should consult all the parties involved and affected by the decision in case. This allows the decision maker to benefit from important information. It is important that people establish what types of information they require in making the decision in case.

With the necessary information, the decision maker should establish possible and probable courses of action. This refers to developing a strategy that can be applied in the situation in case. This is one of the most important steps in this process. The success of this process also relies on the objectives establish during this step. This usually requires that the client is involved in this step of the process.

In addition to this, it is important to identify the possible consequences of the various decisions in this process. This objective can be reached with the help of ethical principles of the decision maker. The following step is represented by determining the best strategy that seems to apply in the situation in case.

Ethical Decision Making Guide

The consequentialist approach refers to normative properties that present importance through their consequences. Specialists in the field have developed numerous theories on this issue (Stanford University, 2011). The consequentialist theory is characterized by a certain level of relativity that makes it difficult to be applied in decision making processes. Therefore, individuals with ethical guides based on consequentialist theories prefer to think of the consequences of their actions when making decisions.

However, the consequentialist model does not seem to take into consideration the numerous implications of business decisions. This is because there are situations where the consequences of certain decisions seem favorable, but the efforts they determine are too high and reduce the importance of these consequences. It is important to think of the consequences of people's actions, but this does not mean that people should develop ethical decision making guides only based on consequentialism.

The process of developing an ethical decision making guide is very complex. In my case, the development of such a guide is the result of numerous years, of ethical standards that have formed from childhood through adulthood. This means that my ethical guide is based on the values and morals I have formed in childhood and that…

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