⌛ Assess The Strengths And Weaknesses Of Merck

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Assess The Strengths And Weaknesses Of Merck



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Overvaluing outcomes may lead us to give a pass to unethical behavior. Companies have poured time and money into ethics training and compliance programs, but unethical behavior in business is nevertheless widespread. You must be aware of these biases and incentives and carefully consider the ethical implications of every decision. The vast majority of managers mean to run ethical organizations, yet corporate corruption is widespread.

Part of the problem, of course, is that some leaders are out-and-out crooks, and they direct the malfeasance from the top. But that is rare. Much more often, we believe, employees bend or break ethics rules because those in charge are blind to unethical behavior and may even unknowingly encourage it. Consider an infamous case that, when it broke, had all the earmarks of conscious top-down corruption. The Ford Pinto, a compact car produced during the s, became notorious for its tendency in rear-end collisions to leak fuel and explode into flames. More than two dozen people were killed or injured in Pinto fires before the company issued a recall to correct the problem. But looking at their decision through a modern lens—one that takes into account a growing understanding of how cognitive biases distort ethical decision making—we come to a different conclusion.

We suspect that few if any of the executives involved in the Pinto decision believed that they were making an unethical choice. Apparently because they thought of it as purely a business decision rather than an ethical one. Taking an approach heralded as rational in most business school curricula, they conducted a formal cost-benefit analysis—putting dollar amounts on a redesign, potential lawsuits, and even lives—and determined that it would be cheaper to pay off lawsuits than to make the repair.

That methodical process colored how they viewed and made their choice. The moral dimension was not part of the equation. When the potentially dangerous design flaw was first discovered, did anyone tell him? With Lee it was taboo. We believe that the patterns evident there continue to recur in organizations. However, few grasp how their own cognitive biases and the incentive systems they create can conspire to negatively skew behavior and obscure it from view. Only by understanding these influences can leaders create the ethical organizations they aspire to run.

Here are some of the reasons—and what to do about them. Click here for a larger image of the graphic. In our teaching we often deal with sales executives. By far the most common problem they report is that their sales forces maximize sales rather than profits. We ask them what incentives they give their salespeople, and they confess to actually rewarding sales rather than profits. Sears is certainly not unique. The pressure at accounting, consulting, and law firms to maximize billable hours creates similarly perverse incentives. Employees engage in unnecessary and expensive projects and creative bookkeeping to reach their goals. Many law firms, increasingly aware that goals are driving some unethical billing practices, have made billing more transparent to encourage honest reporting.

Of course, this requires a detailed allotment of time spent, so some firms have assigned codes to hundreds of specific activities. What is the effect? Deciding where in a multitude of categories an activity falls and assigning a precise number of minutes to it involves some guesswork—which becomes a component of the billable hour. Research shows that as the uncertainty involved in completing a task increases, the guesswork becomes more unconsciously self-serving. Even without an intention to pad hours, overbilling is the outcome. A system designed to promote ethical behavior backfires.

In the BusinessWeek editor Peter Coy wrote:. Add President Clinton to the long list of people who deserve a share of the blame for the housing bubble and bust. A recently re-exposed document shows that his administration went to ridiculous lengths to increase the national homeownership rate. It promoted paper-thin down payments and pushed for ways to get lenders to give mortgage loans to first-time buyers with shaky financing and incomes. The Sears executives seeking to boost repair rates, the partners devising billing policies at law firms, and the Clinton administration officials intending to increase homeownership never meant to inspire unethical behavior.

But by failing to consider the effects of the goals and reward systems they created, they did. Part of the managerial challenge is that employees and organizations require goals in order to excel. Leaders setting goals should take the perspective of those whose behavior they are trying to influence and think through their potential responses. This will help head off unintended consequences and prevent employees from overlooking alternative goals, such as honest reporting, that are just as important to reward if not more so.

When leaders fail to meet this responsibility, they can be viewed as not only promoting unethical behavior but blindly engaging in it themselves. This bias applies dramatically with respect to unethical behavior. In this case, they are war games for civilians applied with a marketing warfare analogy to a market situation. To some, the war metaphor implicit in "business war game" is an accurate or useful depiction of business and competitive strategy.

From Wikipedia, the free encyclopedia. This article uses bare URLs , which may be threatened by link rot. Please consider converting them to full citations to ensure the article remains verifiable and maintains a consistent citation style. Several templates and tools are available to assist in formatting, such as reFill documentation. September Learn how and when to remove this template message. Hipel Conflict Analysis: Models and Resolutions. Harvard Business Review. Advanced Competitive Strategies. Retrieved June 1, Business War Games. Richard Archived from the original PDF on Retrieved Harvard Business Review , May—June, pp. The Accounting Review, Vol.

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Research reveals that motivated blindness can be just as pernicious in other domains. When leaders fail to meet this responsibility, they Case Study: Xience V be viewed as not only promoting unethical behavior but blindly engaging in it themselves. In this case, they are Assess The Strengths And Weaknesses Of Merck games for civilians applied with a marketing warfare analogy to Assess The Strengths And Weaknesses Of Merck market situation. Assess The Strengths And Weaknesses Of Merck said that the Assess The Strengths And Weaknesses Of Merck are consistent with results from the company's Phase 2 human flu challenge study, which Assess The Strengths And Weaknesses Of Merck that Vaxart's oral tablet vaccine was Assess The Strengths And Weaknesses Of Merck at How Did Thomas Jefferson Maintain A Weak Central Government shedding than the injectable flu Assess The Strengths And Weaknesses Of Merck comparator. A great deal of other anecdotal evidence from sports, business, and government, as well as systematic evidence from the fields of psychology and organizational science, suggests that organizations should take bold, risky actions when they are strong rather than weak. Consider Yahoo.