2024 basic ethical principles, management homework help

basic ethical principles, management homework help

Business Finance Assignment Help 2024

There are some basic ethical principles like honesty, honor and fairness; when we manage projects, we deal with ethical decisions and actions every time (Dinsmore, 2014).

According to the Project Management Institute (Project Management Institute, 2016), ethics is to make the best possible decision related to resources, environment and people. The PMI has an ethical decision-making framework that can help us to follow a process regarding to any decision and this will help us to evaluate all the scenarios and take ethical and right decisions.

In this framework, one of the questions is to validate if the choice is fair. If we use that question with the three scenarios we will see there are some unethical and unfair details on each of them. For example, in the third scenario it is not ethical nor fair to use the inside trade information to buy stocks and beneficiate ourselves with the transaction. If we found ourselves in this situation, we can avoid any transaction related with those companies and select any other market.

The unethical behavior is also related to favoritism. Inside the ethical code from the PMI there are details that said that we cannot award or deny contracts based on bribery or favoritism. The second scenario is a clear example of bribery and we shouldn’t accepted. If we found ourselves in this situation, we should reject the present and we should let the vendor know the rules that we will use to choose the right software for the project.

References

Dinsmore, P. C. (2014). The AMA Handbook of Project Management. New York: AMACOM.

Project Management Institute. (2016). Code of Ethics & Professional Conduct. Retrieved from PMI.org: http://www.pmi.org/about/ethics/code