Cost-benefit analysis of space exploration: Some ethical considerations. Intan… 3 MindTap. One should exercise the virtues of human life. Hedonism argues that happiness is a matter of subjective feelings (preference-based). A cost-benefit analysis The summing of an action’s costs and its weighing against summed benefits. ... OTHER QUIZLET SETS. epaul9145 GO. Examples of tangible and intangible costs and benefits include the following: 1.1. The process of cost benefit analysis is very simply stated as following. whether an act is morally right depends only on the consequences of that act itself (as opposed to the consequences of the agent's motive, of a rule or practice that covers other acts of the same kind, and so on). Business and Environmental Protections: Monetize and Count. 3. Examples of the personal cost can be related to stress (e.g., physical or mental) while deciding whether or not to address ethical concerns. A determinate value must be placed on things that have incalculable value. Business ethics looks at whether business decisions ... A cost-benefit analysis is part of a. a duty-based ethics approach. The actions that promote the greatest happiness of the greatest number of people should guide morality. Cost Effectiveness Cost effectiveness is the process of comparing the costs of strategies relative to results where results aren't purely financial. Seth D. Baum, 2009. A cost-benefit analysis (CBA) is the process used to measure the benefits of a decision or taking action minus the costs associated with taking that action. Deciding which projects to pursue and which to avoid is … 11 terms. Here are a few of the terms and financial metrics you should be familiar with as you develop a business case: 1. When making a cost-benefit analysis in the public sector, personnel should be following the guidelines of Office of Management and Budget (OMB) Circular A-94, Guidelines and Discount Rates for Benefit-Cost Analysis of Federal Programs. Another important tool is the Government Accountability Office (GAO) Cost Estimating and Assessment Guide, Best Practices … Why Employee Recognition Is Important: A Cost Benefit Analysis February 8th, 2016 by Successories Employee recognition is defined as the formal or informal acknowledgement of a team or person’s exceptional effort or behavior that supports the values and goals of the business … What is the most fundamental drawback of having cost-benefit analyses serve as the basis for ethical decisions in business? The common types of cost analysis. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The second difficulty, when cost-benefit analysis is a condition for the adoption of a rule, is the growing trend in the United States for industry trade associations to sue Canadian Centre for Ethics and Corporate Policy ethicscentre.ca 2 “theSe are all areaS in which coSt-benefit analySiS can yield verifiable reSultS that could point to theSe a. a corporate ethics code. The model is built by identifying the benefits of an action as well as the associated costs, … Outcome-based ethics-->Utilitarianism--> A decision making technique that involves weighing the costs of a given action against the benefits of another. What's the difference between ethics and morality? Start studying Cost/Benefit Analysis. b. a cost-benefit analysis. A "maxim," according to Kant's terminology, is __________. Cost Benefit Analysis. It is a part of moral philosophy that investigates and considered how one ought to act. the value of the consequences depends only on the pleasures and pains in the consequences (as opposed to other goods, such as freedom, knowledge, beauty, etc.). Intangible costs and benefits must be documented subjectively. Ethics derives from the proper function/purpose of a human life. Cost-benefit Analysis determines the value of costs and benefits in monetary terms and makes a viable comparison to ev… However, the large petroleum reduction potential of PHEVs provides strong justification for governmental support to accelerate the deployment of PHEV technology. Example: John Wilkes Booth's assassination of Lincoln. One should maximize the good/valuable consequences of one's action. deals with questions about the nature of moral judgments and ethical theories. Actions are right if they benefit the majority. Ethics: Rules for conduct, typically from established norms. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 51 terms. is a device used to determine whether it's worthwhile to incur a particular cost--for instance, the cost of employing a particular pollution-control device. Actually, CBA is systematic approach to calculating involved costs to determine project will get benefit, which may be expecting to exceed costs over the project life cycle. ... Business ethics thus has a practical element. consequences are evaluated by aggregating smaller parts. Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives used to determine options which provide the best approach to achieving benefits while preserving savings (for example, in transactions, activities, and functional business requirements). 2. Cost benefit analysis is the process of comparing the costs and benefits of a business decision. It is concerned with describing what one actually does (Is). caitlinsux. At the broadest and vaguest level, cost-benefit analysis may be regarded simply as systematic thinking about decision-making. Jaime Gracia August 2nd, 2013 . Business Ethics. Tangible/intangible: You can quantify tangible costs and benefits in financial terms, market share, employee satisfaction measures, or by any measurable scale. Benefit-cost analysis rests on … A simple economic analysis is used to show that high petroleum prices and low battery costs are needed to make a compelling business case for PHEVs in the absence of other incentives. Benefit-cost analysis in principle rests on all existing values; it is not missing values nor is it a tool to create or develop values. The role of benefit-cost analysis is to provide information relevant to the decision, not to provide the decision. ... OTHER QUIZLET SETS. An ethical perspective applied to the use of cost/benefit analyses for environmental, safety, and health regulations reaches the following conclusions: (1) in areas of environmental, safety, and health regulation, there may be many instances where a certain decision might be right even though its benefits do not outweigh its costs; (2) there are good reasons to oppose efforts to put dollar values on non-marketed … = whether some consequences are better than others does not depend on whether the consequences are evaluated from the perspective of the agent (as opposed to an observer). A distinction between individual actions and types of actions. A cost benefit analysis (also known as a benefit cost analysis) is a process by which organizations can analyze decisions, systems or projects, or determine a value for intangibles. 19 terms. c. philosophical reasoning. Correct Answer: is influenced by value judgments. The effort and expense of doing something is toted on one side, and the benefits received are summed on the other. For example, comparing different ways to improve your quality of life according to cost and non-financial results such as … Start studying Chapter 5 Business Ethics. in determining moral rightness, benefits to one person matter just as much as similar benefits to any other person. Small-business owners often act as chief executives that choose the projects companies pursue. A cost benefit analysis is an analytical process to estimating all costs associated with project, and comparing costs to determine benefits from proposed business opportunity. Cost-benefit analysis (CBA) is the view that social policies should be arranged so as to maximize the ratio of benefits to costs, when all of the benefits and costs are measured in economic terms. Business Law Ch. Happiness maximizes feelings of pleasure and minimizes pain. Example: "What exactly are people doing when they use moral words such as "good" and "right"?". is concerned with what is right and wrong. Example: Social sciences such as history, anthropology, sociology. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Focuses on the effects of types of actions Example: Killing or Lying. Cost-benefit analysis (CBA) is the view that social policies should be arranged so as to maximize the ratio of benefits to costs, when all of the benefits and costs are measured in economic terms. CBA only seeks to maximize the benefit of an individual or a group of individuals (example: A company) A firm interested in profits should also be interested in the public's opinion. Morality derives from the nature of human reasoning. Example (moral claim): Murder is wrong, Abortion is a sin, etc. This activity appraisal can be applied on commercial transactions, business or proposed policy, or an impending project. Using such a cost-benefit analysis, a utilitarian decision maker calculates the utility of the consequences of all possible alternatives and then selects the one that results in the greatest benefit. A business firm should act in its best interest. Space exploration CBA raises some important ethical issues related to how costs and benefits are defined and counted, including costs and benefits to future humans and to extraterrestrials.