08 Portico Final Exam Study Guide Part A What are the seven Randian virtues 1 Rationality 2 Productivity productive work is process by which mind sustains life what you make is a reflection of yourself 3 Pride moral ambition commitment to achieve moral perfection 4 Independence acceptance recognition that you have a responsibility to form your own judgments and live by the work of your own mind Integrity loyalty in action to your values 5 6 Honesty refusal to pretend that facts are other than what they are 7 Justice virtue of judging other people s character and giving each what they deserve people creating value deserve more What are the eleven Aristotelian moral virtues 1 Courage fear and confidence 2 Self control insensitive and self indulgence 3 Generosity stinginess and extravagance 4 Magnificence niggardliness and gaudiness vulgarity 5 High mindedness small mindedness and vanity 6 Gentleness short temper and apathy 7 Truthfulness self depreciation and boastfulness 8 Wittiness buffoonery and boorishness 9 Friendliness flattery and quarrelsome 10 Shame abashed and shameless 11 Righteous indignation envy and spite 12 Justice What are the 7 measurements of utility 1 Intensity 2 Duration 3 Certainty 4 Propinquity 5 Fecundity 6 Purity 7 Extent Class Readings Michael Porter Milton Friedman John Mackey Marjorie Kelly Monday Evening Classes Accounting Finance Marketing Operations Information Systems Management and Organization Part B Discuss the strengths and weaknesses of utilitarianism as articulated by Jeremy Bentham and attacked by Manual Velasquez Be sure to explain what utility is and mention the seven measurements of utility Utility measured by whether it promotes or diminishes happiness for the greatest number if it produces benefit it has utility Bentham s believed strengths o Pain and pleasure are the two masters of mankind determine right and wrong o Considers the well being of the entire community o Principle of utility underlies all human behavior Velasquez s believed weaknesses o Utilitarian criterion applied to particular actions and not rules o Difficult to measure quantitatively o Deals inadequately with situations that involve rights and justice In The Parable of the Sadhu Buzz McCoy claims that they failed because of both the absence of leadership and of a collective or institutional ethic 5 What does McCoy mean by that 5 7 How does McCoy conceive of ethics and business ethics 7 According to McCoy what are the responsibilities of a leader or manager within a company 7 Collective institutional ethic o No process for developing a consensus o No purpose or plan o No preconditions that guide action to resolution reacted as individuals o No leader everyone could identify with multicultural Business and ethics o Companies without a code of values become unhinged during stress Has to be positive force not constraint Responsibilities of a manager o Can t run from risk confront risk Need guidelines of process and values of organization o In touch with core beliefs has to be able to make a cutting decision o Effective managers Action oriented Tolerant of ambiguity stress and change Strong sense of purpose for themselves and organizations In John Hospers article The Problem with Relativism he presents a handful of criticism of moral relativism List and explain two of them No explanation why practice is right in one society and wrong in another no principle No definition of what a group is people can be members of multiple groups whose mentalities and beliefs conflict No clear majority majorities can be mistaken minority views can spread and become majority views was it right before or now No room for moral improvement impossible for beliefs to be mistaken because certainty of majority proves that beliefs are right minority is wrong no matter what Based on your reading of the Boston Beer Case 1 identify two admirable leadership qualities that Jim Koch displayed 2 Use facts presented in the case to elucidate how Koch demonstrated these two qualities 3 Explain why you think these two qualities are praiseworthy Obligation to be honest open and direct with shareholders and consumers o Small flakes of glass o Performed recall even though it could have bankrupted them Hop sharing Part C Essay possibility one Describe in detail Kant s ethical framework Be sure to mention his notions of duty good will inclinations laws maxims the categorical imperative the two formulations we looked at and how it serves as a test of our maxims hypothetical imperatives and respect Why does Kant think that ethics needs to be devoid of inclinations o Come from outside you authority has to come from within o Not universal varies by person Why does Kant claim that the only thing that is good without qualifications is a good will What is a good will o Done out of duty something done out of respect for the law o Other qualities can become evil if the proper will isn t utilized How does respect differ from inclinations What does respecting the law mean What does treating humanity as ends in themselves entail o Inclinations can be selfish blur the line as to the purpose o Respect for law is action doing something not because you want to but because the ends are proper Law can thwart all inclinations Universal conformity to law by wills o All men in themselves exist as an end Rational beings Restricts freedom of action Not subjective ends existence has worth for us as effect of action but objective ends existence as end in itself If men were treated as a means then there would be no reasoning power What is a maxim How does the categorical imperative test maxims o Subjective principle of volition o Categorical imperative universal and necessary Hypothetical imperative each event stands isolated conditional o Categorical imperatives treat maxims as universal law What does Kant mean when he says that our laws must be necessary and universal o Universal has to apply to everyone o Necessary doesn t depend on certain decisions to make it right or wrong What are the two formulations of the categorical imperative that we looked at in class o Ought ought not maxim no exceptions Why can t hypothetical imperatives function as moral laws o Conditional conjoined to the law specific situations o Not universal inclinations Essay possibility two Aristotle writes moral virtue or excellence is a characteristic involving choice and consists in observing the mean relative to us a mean which is defined by a rational principle