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1 day ago · A strategic business case is a detailed document that outlines the rationale for a particular business decision or investment. It presents the proposed course of action's benefits, costs, risks, and potential returns. The purpose of a strategic business case is to provide decision-makers with the information they need to evaluate the feasibility and potential impact of a project or initiative ...
- What Is Utilitarianism?
- Understanding Utilitarianism
- From The Founders of Utilitarianism
- Utilitarianism's Relevance in A Political Economy
- Utilitarianism's Relevance in The Workplace
- Utilitarianism's Relevance in Business
- Quantitative Utilitarism vs. Qualitative Utilitarism
- The Limitations of Utilitarianism
- The Bottom Line
Utilitarianism is a theory of morality that advocates actions that foster happiness or pleasure and oppose actions that cause unhappiness or harm. When directed toward making social, economic, or political decisions, a utilitarian philosophy would aim for the betterment of society as a whole. Utilitarianism would say that an action is right if it r...
Utilitarianism is a tradition of ethical philosophy that is associated with Jeremy Bentham (1747-1832) and John Stuart Mill(1806-1873), two British philosophers, economists, and political thinkers. Utilitarianism holds that an action is right if it tends to promote happiness and wrong if it tends to produce sadness, or the reverse of happiness—not ...
Jeremy Bentham describes his "greatest happiness principle" in "Introduction to the Principles of Morals and Legislation," a 1789 publication in which he writes: "Nature has placed mankind under the governance of two sovereign masters, pain and pleasure. It is for them alone to point out what we ought to do, as well as to determine what we shall do...
In liberal democracies throughout the centuries, the progenitors of utilitarianism spawned variants and extensions of its core principles. Some of the questions they wrestled with include: What constitutes "the greatest amount of good"? How is happiness defined? How is justice accommodated? In today's Western democracies, policymakers are generally...
Most companies have a formal or informal code of ethics, which is shaped by their corporate culture, values, and regional laws. Today, having a formalized code of business ethics is more important than ever. For a business to grow, it not only needs to increase its bottom line, but it also must create a reputation for being socially responsible. Co...
Utilitarianism holds that the most ethical choice is the one that will produce the greatest good for the greatest number. As such, it is the only moral framework that can justify military force or war. Moreover, utilitarianism is the most common approach to business ethics because of the way that it accounts for costs and benefits. The theory asser...
Quantitative utilitarianism is a branch of utilitarianism that was developed out of the work of Jeremy Bentham. Quantitative utilitarians focus on utility maximization, that is, maximizing the overall happiness of everyone, and use a hedonic approach to determine the rightness or wrongness of actions. Bentham defined as the foundation of his philos...
In the workplace, though, utilitarian ethics are difficult to achieve. These ethics also can be challenging to maintain in our business culture, where a capitalistic economy often teaches people to focus on themselves at the expense of others. Similarly, monopolistic competitionteaches one business to flourish at the expense of others. 1. A limitat...
Utilitarianism offers a relatively simple method for deciding the morally right course of action for any particular situation. Over the years, the principle of utilitarianism has been refined and expanded in many variations. Utilitarians today describe benefits and harms in terms of the satisfaction of personal preferences or in purely economic ter...
Aug 20, 2024 · 1. Identify and Prioritize Business Goals. Understanding your organization’s primary objectives is the foundation of aligning training programs. This step involves: Engaging with Key Stakeholders: Regularly discuss the company’s strategic vision and priorities with senior leadership and key stakeholders. Reviewing Organizational Strategies ...
The Strategist: Course Syllabus1 Course Overview Business success requires being different. To succeed, a business needs to stand out from the competition. This is what business strategy courses teach, and they are right. But finding a way to be different is harder than just knowing that it is important to be different. This is the
- Financial Measures. It’s important to ensure your plans and processes lead to desired levels of economic value. Therefore, some of your business goals and objectives should be financial.
- Customer Satisfaction. To ensure your business goals and objectives aid in your company’s long-term success, you need to think critically about your customers’ satisfaction.
- Internal Business Processes. Internal business processes is another perspective that should factor into your goal setting. It refers to several aspects of your business that aren’t directly affected by outside forces.
- Learning and Growth Opportunities. Another consideration while setting business goals and objectives is learning and growth opportunities for your team.
A key objective of the course is to develop tools useful in other Stuart courses. Economics is a key foundation for much of what is taught in finance, marketing, business strategy, environmental management, and virtually every other course in the graduate program.
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Sep 18, 2024 · Accounting document from Copperbelt University, 28 pages, BBA_BAC 4400 STRATEGIC MANAGEGEMENT LESSON NOTES UNIT 6 BUSINESS-LEVEL STRATEGY Introduction: Business-level Strategy A strategy, of course, is a course of action that is required to achieve the objectives of an organisation and implement its goals.
