Moral Standars

Topics: Decision theory, Cost-benefit analysis, Risk-benefit analysis Pages: 3 (999 words) Published: June 17, 2011
The moral standards approach is the approach that focuses on three dimensions of the impact of the proposed action: (1) whether it provides a net benefit to society; (2) whether it is fair to all stakeholders; and (3) whether it is right. The moral standards approach was developed by Professor Manuel Velasquez in 1992. Although some overlap some of the first approach, the focus is less company centred, and is better suited for the evaluation of the decisions where stakeholders are the ones who are impacted, outside the company is most likely to be severe. And the long-term impact is most likely incorporated. How might I conduct a stakeholder impact analysis be done using the moral standards approach? I might conduct a stakeholder impact analysis by seeing if the well-offness is correct for the benefits than the cost of the decision. By checking if the fairness of the distributions of benefits and burdens are equal. And make sure that the stakeholders and the decision maker’s rights are not offended. The 5-question approach is an analytical approach that involves challenging any of the proposed policies by asking these five questions: is the decision fair? Is the decision right? Is the decision legal? Is the decision profitable? And is the decision sustainable? It does not matter how they are asked, but the first four questions must be asked to make sure that the person who is deciding does not miss an important impacted area. How might I conduct a stakeholder impact analysis of this scenario using the 5-question approach? I might start by asking if the decision is profitable to the shareholders. The decision fair to all involved? Is the decision legal to the society at large? Is the decision right to other rights of all involved? And is the decision sustainable to the environmental rights? And the last approach, the Pastin’s approach which is the ground rule ethics (organization individual rules and values). End-point ethics (greatest net good for all...
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