FUNDERMENTAL CONCEPTS
Faculty of Engineering, University of Moratuwa
5 th August 2019

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1. relative worth, merit, or importance: the value of an university education.
2. monetary or material worth, as in commerce or trade: This piece of land has greatly increased in value.
3. the worth of something in terms of the amount of other things for which it can be exchanged or in terms of some medium of exchange.
4. equivalent worth or return in money, material, services, etc.: to give value for value received.
5. estimated or assigned worth; valuation: a house with a current value of
Rs.12.5M.
6. denomination, as of a monetary issue or a postage stamp.
7. Mathematics : magnitude; quantity; number represented by a figure, symbol, or the like: the value of an angle; the value of x; the value of a sum.
8. import or meaning; significance: the value of a word
9. liking or affection; favourable regard; he values her friendship
10. values, Sociology . the ideals, customs, institutions, etc., of a society toward which the people of the group have an affective regard. These values may be positive, as cleanliness, freedom, or education, or negative, as cruelty, crime, or blasphemy.

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Accountability
Accuracy
Achievement
Acknowledgement
Activeness
Calmness
Capability
Care
Community
Compassion
Duty
Dynamism
Economy
Education
Efficiency
Environmentalism
Excellence
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Guidance
Honesty
Honour
Integrity
Humility
Inventiveness
Knowledge
Leadership
Learning
Loyalty
Preparedness
Professionalism
Punctuality
Rationality
Reason
Recognition
Reputation
 Resourcefulness
 Responsibility
 Self-respect
 Sincerity
 Stability
 Structure
 Success
 Synergy
 Teamwork
 Trustworthiness
 Truth
 Vision
 Wisdom
 Worthiness
 Zeal and many, many more !!!

•These are extremely practical, and valuation requires not just techniques but also an understanding of the strategic context.
•These can provide standards of competence and morality.
•These can go beyond specific situations or persons.
•Personal values can be influenced by culture, tradition, and a combination of internal and external factors.
•These are relatively permanent.
•These are more central to the core of a person.

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Values can be defined as broad preferences concerning appropriate courses of action or outcomes.
As such, values reflect a person’s sense of right and wrong or what “ought” to be.
 Values are obtained in many different ways.
 Person's family – the family is responsible for teaching children what is right and wrong long before there are other influences..
 School school helps some to shape the values of children.
 Religion - that the family introduces to a child, plays a role in teaching the right and wrong behaviors .

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Core values are the fundamental beliefs of a person or organization.
The core values are the guiding principles that dictate behavior and action.
Core values can help people to know what is right from wrong; they can help companies to determine if they are on the right path and fulfilling their business goals; and they create an unwavering and unchanging guide.
There are many different types of core values and many different examples of core values depending upon the context
Core values don't always have to be positive. Some people may be driven by self-interest or greed, and these are core values too if they dictate the way the people live their lives.

Practically all business organizations have Core Values around which they develop their operating principles. They can be defined as “ the values that are most important to the direction of the organization and the decision-making within it .”
They are usually expressed in the “ MISSION STATEMENT”
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S ome examples of core values for a company might include:
A commitment to sustainability and to acting in an environmentally friendly way. Companies like Dipped Products
Ltd have environmental sustainability as a core value.
A commitment to excellence and superior performance, achieved with corporate responsibility and sustainability, as practiced by Colombo Dockyards Ltd.
A commitment to doing good for the whole. John Keells , for example, believes in building a great company, doing things correctly and constantly improving..

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Durdans Hospital plc aim to lead the Sri Lankan healthcare sector, providing preventive and compassionate patient care.
MAGA maintain uncompromising standards to ensure that their projects are carried out with the utmost speed, care and accuracy
Many of the core values that companies have are similar to those that individuals might choose as their guiding principles as well.
Companies may also have negative core values as well.
Companies that are solely motivated by profit, such as tobacco companies who lied to their customers about the dangers of smoking, may have been driven by core values of self-interest and an overly strong profit motive.

Our values
“We are passionate about -
• Changing constantly, re-inventing and evolving
• Striving to get things right the first time
• Doing the right things always
• Constantly raising the bar
• Fostering a great place to work
• Building strong relationships based on openness and trust”

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Vision
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We pursue excellence and superior performance in all what we do to enhance the long-term interests of all our stakeholders in a socially responsible manner
Mission: We strive,
To be the most competitive and viable business entity in the South in Shipbuilding, Ship-repairs,
Heavy Engineering and allied activities:
To efficiently and effectively manage all our resources:
To achieve sustainable growth:
To enhance the interests of our Stakeholders, and thereby contribute to the pursuit of our vision:

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Our Values
We passionately believe in what we do, and we do it with the utmost care , speed and accuracy to the best of our ability. Our standards and values are of supreme priority and are not to be compromised. We ensure that our clients, members of our team and society at large are well cared for. We believe in being ethical in everything we do and consider it the primary road to our personal and organizational success.

DPL strives to be the preferred global hand protection provider. We are committed to the continual improvement of our business processes and systems.
We shall comply with environmental and social obligations, meet the aspirations of our employees, suppliers and shareholders and build relationships of trust

 VISION
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At the forefront of medical excellence, defining the future of Sri Lankan healthcare.
MISSION
To enhance the lives of our community at large, by unfolding a paradigm shift in all service tiers and excelling in preventative and compassionate patient care
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VALUES
EMPOWERING PRIDE
 We attract, inspire and motivate passionate individuals
DEDICATED COMPASSION
 We create heartfelt, customer-centred experiences
ADVANCING MEDICAL EXCELLENCE
 We drive the medical industry towards greater heights
PRESTIGE BEYOND OUR BORDERS
 Enhancing our reputation beyond Sri Lanka

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Ethics of an individual or an organization are based on
“values”, which are perceived to be most important to the direction of the organization and the decision-making within it.
These are essentially the “core values”
They can be put together in a structured form to make-up a set of essential principles, which will ensure that organisations act in a correct and acceptable manner
This is called a

 The discipline dealing with what is good and bad, and with moral duty and obligation
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The principles of conduct governing an individual or group (professionals)

The value structure that guides the actions of a person, whether individual or corporate, in his/her/their dealings with any other person, or with society in general.

 The Code offers a set of values, principles, and standards to guide decision making and conduct when ethical issues arise.
 Specific applications of the Code must take into account the context in which it is being considered and the possibility of conflicts among the Code‘s values, principles, and standards.
 Ethical responsibilities flow from all human relationships, from the personal and family to the social and professional.

 Ethical codes are often adopted by management, not to promote a particular moral theory, but rather because they are seen as pragmatic necessities for running an organization / institution in a complex society in which moral concepts play an important part.

 to define accepted/acceptable behaviours;
 to promote high standards of practice;
 to provide a benchmark for members to use for self evaluation;
 to establish a framework for professional behaviour and responsibilities;
 as a vehicle for occupational identity;
 as a mark of occupational maturity.

The Importance of Ethics in an Organisation
 Employee Ethics
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Ethical behavior among workers in an organization ensures that employees complete work with honesty and integrity.
Employees who use ethics to guide their behavior adhere to employee policies and rules while striving to meet the goals of the organization.
Ethical employees also meet standards for quality in their work, which can enhance the company’s reputation for quality products and service.

The Importance of Ethics in an Organisation
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Ethical Organizational Culture
Leaders and employees adhering to a code of ethics create an ethical organizational culture.
The leaders of a business may create an ethical culture by behaving in an ethical manner and inspiring their employees to behave in a similar fashion.
The organization can encourage ethical behavior by rewarding employees who exhibit the values and integrity that coincides with the company code of ethics and disciplining those who do not act accordingly.

The Importance of Ethics in an Organisation
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Benefits to the Organization
A positive and healthy corporate culture improves the morale among workers in the organization, which may increase productivity and employee retention
Correspondingly this has financial benefits for the organization.
Higher levels of productivity improve the efficiency in the company, while increasing employee retention reduces the cost of replacing employees.
A good reputation for ethics and integrity in the community will improve the company’s business

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 www.dictionary.com/browse/values https://iedunote.com/values - Values: Definition,
Characteristics, Importance, Types in Organizational
Behaviour
W ebsite of Dipped Products plc
Website of John Keells Holdings plc
Website of Colombo Dockyards plc
Website of Durdans Hospital
Website of MAGA
Chron.com : Luanne Kelchner - The Importance of Ethics in
Organizations