Risk Benefit Analysis and
Reducing Risk
Risk Benefit Analysis and Reducing Risk
• Large Projects – Justified based on risk benefit
analysis before undertaking
– Personal risk
– Public risk and public acceptance
– Accounting publicly for benefits and risks
– Incentives to reduce risk
– Liability
Respect for Authority
• Obligation to respect the employers’
– Institutional Authority – Acquired and defined
within the institution
– Expert Authority – Possession of special
knowledge, skill or competence to perform a task
– Power – Goes well beyond the authority attached
to the positions they hold(Influence outside the
domain of authority)
Respect for Authority
– Morally justified authority – Duties equated to
special moral rights and duties
– Accepting Authority
– Paramount Obligations – Chief in importance or
deserving primary emphasis( Protect the public
health, safety and welfare)
Collective Bargaining
• It is measured in terms of the proportion of the
workers covered by collective agreements
• Central Bargaining – > Labor – management
relation
• Goals of Workers
– Economic Goals – Wages, Incentives Etc.,
– Non Economic Goals – Job Satisfaction, Working
Conditions
• Goals of Management
– Control of organization, Efficient operation of plant
Etc.,
Confidentiality
• Keeping confidences is one of the most central
and widely acknowledged duties of any
professional
• Confidential or Privileged Information –
Information deemed desirable to keep secret
• Proprietary Information – Trade secrets
• Justification and limits
– Two levels
• Respect for autonomy, Promises and regard for well-being
• Appeal directly to the major ethical theories
Conflicts of Interest
• It is Situations where professionals have an interest
which is pursued might keep them from meeting
their obligations to their employers or clients
– Gifts and Bribes
– Insider Information – Using for self interest
– Interests in other companies
Occupational Crime
• Illegal acts made possible through one’s lawful
employment and secretive violation of laws
regulating work activities
• White-collar crime – Committed by office workers
and professionals
– Industrial espionage - illegal practice of investigating
competitors to gain a business advantage
– Price Fixing
– Endangering Lives