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Cost analysis in managerial decision making
Impact of cost benefit analysis in decision making in companies
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If I was the CEO of Wateroil and my company just had the largest oil spill in history, I would tell the investigators right away that it was not an accident. I would feel terrible that it is affecting a lot of people’s lives and businesses. The faster the truth is told about what happened, the faster the issue can be resolved even though there will be consequences. I don’t think I could live with the guilt of knowing how many lives were affected but I didn’t tell the truth just to save my job and company. Corporate greed and corruption is exactly what is taking place in this situation. Corporate greed and corruption is the act of intentionally deceiving, lying, cheating, and stealing in business. We can use a technique known as cost-benefit
Negligience is the major key to be considered. Most businesses only care about profit and neglect the hazard they pose on the environment. The two companies were making so much money that it wouldn’t cost a lot to clean up considering the profit they make. They eventually paid $69million but what about the destiny that has been destroyed because of their negligence. They knew dumping of these chemicals was polluting the local water and causing life threatening health issues but they never cared.
Ethical issues in this case are the impact on tourism industry of Gulf of Mexico and its beaches, unemployment around area because of closure of business, wildlife and the environment destruction and concerned with human health and post incident trauma. It has been almost year but world is still recovering from the devastation of disastrous oil spill. It destroyed the environment and wildlife all over the place and its total impact is still unknown. Environmental impacts may be noticeable for years to come.
In the early hours of March 24th, 1989 the oil tanker Exxon Valdez struck Bligh Reef in Prince William Sound, Alaska, spilling more than 11 million gallons of crude oil.This accident was devastating for the environment and the eco-systems surrounding the incident. There were many parts leading up to this disaster which made it sound almost inevitable to occur. With it being called a man-made accident because of the captain being intoxicated during the event, it feels like there was more behind the picture. There are a lot of players in this accident that can be blamed, but what about the corporation Exxon itself.
John D. Rockefeller: Standard Oil Company The world’s first billionaire, John D. Rockefeller, was born on July 8, 1839 in Richford, New York, the second of six children. His father was mostly a cheat in business and in life, and he was not a sincere father either since he had raised other children and even had started a family somewhere else. Despite all that John had learned from his father to set high goals and dream big and never to settle for anything less. The family moved to Cleveland, Ohio, in 1853 where John graduated from high school and did pretty good at mathematics.
This is not the first time that BP is at fault. They have had criminal convictions in places such as Endicott Bay in Alaska, Texas City and Prudhoe Bay. Jeanne Pascal was a part of the Environmental Protection Agency (EPA) and was assigned to watch over BP. Pascal was watching over companies such as BP that were facing debarment. Under her watch, BP was charged with four federal crimes. Over the past twelve years, Pascal’s seen BP patterns as misconducts. She attempted to warn the government about BP’s safety and environmental issues that would most likely lead to another disaster. While she was watching over BP, the company misinformed and misled her about things that resulted to the felonies that they have committed. Sensing that some things were not right about the company, she presented a case of their unsafe working environments.
BP was founded in 1908 under the name Anglo-Persian Oil Company. They changed their name to British Petroleum in 1954 and merged with Amoco in 1998. (BP Public Website, 2010) “The Texas City Refinery is BP’s largest and most complex oil refinery... It was owned and operated by Amoco prior to the merger of BP and Amoco.” (Michael P. Broadribb, 2006) Throughout their history, there have been a number of accidents that have been caused by negligence and disregard of safety precautions. Unfortunately many lives have been cut short or seriously injured as a result. My research will focus on the 2005 Texas City Oil Refinery Explosion. I will attempt to look into the ethical implications that surrounded this disaster before and after the event and suggest what BP could have done to prevent the incident then and in the future.
When they told him he couldn’t do it he said “I don’t care”. When he was just a book keeper struggling to keep food on the table he didn’t yield, instead he got out there and became the biggest philanthropist and wealthiest man in the entire world. When the critics said, “Rockefeller what you’re doing is wrong and unethical.” He revolutionized the industry and created one of the biggest monopolies of all time in America. When Congress passed the Sherman Antitrust Act that forced said monopoly to dismantle; Rockefeller laughed because at that point he had already done it, he was on the mountain top.
Because it is the most highly publicized of the different forms of ocean pollution, oil spills, oil leakages, and general oil contamination are something that we all seem to be aware of. Since the Exxon Valdez incident, the American public in particular has been more and more critical of oil companies.Each year, over 700 million gallons of oil end up in the ocean. Contrary to what you may have thought, most oil pollution doesn't come from tanker accidents. In fact, tanker accidents account for less than 90 million of the g...
Most people believe that one man-made natural disaster would teach us to be better, but we have learned that history repeats itself. The Exxon Valdez oil spill (in 1989) and the Deepwater Horizon oil spill, or BP oil spill, (in 2010) were both devastating oil spills that shocked the nation. The Exxon Valdez oil spill occurred due to a tanker grounding. The BP oil spill was caused by an explosion on the Deepwater Horizon oil platform. These two oil spills were both disasters and had greater effects in certain categories. In this essay, I will be comparing the cause of both oil spills, the damage/effect of both oil spills, and the cleanup of each oil spill.
Is greed good? A loaded question. The socially acceptable response would be no, however the answer is not as black and white. Despite the negative connotations that the word itself carries with it, the fact of the matter is that a lot of financial, political, and social gains have been the product of greed when we think of greed in the sense of an “intense and selfish desire for something, especially wealth, power, or food”. This is illustrated in the technological monopoly that Steve Jobs created when he founded it in 1976; in addition to this, Obama took advantage of the productive aspects of greed by campaigning in all the states, and not just the ones that would determine the results of the election; finally, Boss Tweed back in the 1800s used greed to control the votes by pleasing everyone, not just the people who supported him.
On April 20, 2010, the Deepwater Horizon oil rig, located in the Gulf of Mexico exploded killing 11 workers and injuring 17. The oil rig sank a day-and-a-half later. The spill was referred to as the Deepwater Horizon oil spill, BP oil spill, Gulf of Mexico oil spill, and BP oil disaster. It was first said that little oil had actually leaked into the ocean but a little over a month later the estimate was 12,000-19,000 barrels of crude oil being leaked per day. Many attempts were made to stop the leak but all failed until they capped the leak on July 15, 2010, and on September 19 the federal government declared the well “effectively dead.” In the three months that it took to finally put a stop the leak, 4.9 million barrels of oil were released into the ocean. The spill caused considerable damage to marine and wildlife habitats and the Gulf’s fishing and tourism industries. The White House energy advisor, Carol Browner, goes as far to say that the Deepwater oil spill is the “worst environmental disaster the US has faced.”
One thing is guaranteed to happen; people will always get sick. Diseases and bacteria are always changing and the human body’s immune system isn’t always prepared to fight it off. The pharmaceutical industry knows this, and that’s why they are a multi-billion dollar industry. Today, you will see a pill that will virtually cure every kind of “disease” out there whether it’s physical, emotional, or neurological. What is a “disease”? Supposedly if you have constant headaches, you have a disease. If you’re overweight, you have a disease. If you have trouble concentrating, you have a disease. Any little problem that you can think of, there most likely will be a pill out there that will “cure” that problem. First, your body is the only thing that can cure a disease. Second, everyone experiences these little problems and there are simple solutions that can “cure” these problems without the expensive pills that can cause harmful side effects. Why isn’t this information being told to us? Because of money. Notice that in all commercial breaks there is a commercial advertising some kind of pill for a certain kind of problem. They make so much money that the drug companies can employ thousands of lobbyists to bribe, lie, and payout almost anyone they need to to get them to advertise their product. Even politicians benefit from the pharmaceutical companies, and if politicians have their back, then how can they be expected to be stopped? Modern medicine has no doubt done wonders for many people to get better from illnesses, but this industry is getting way out of hand.
On a Monday afternoon, A couple of friends and I drove about forty-five minutes to El Dorado to see a movie. A movie in which we didn’t know anything about. None of us had even seen the trailer. I sent my friend a link to the movies that were showing at the cinema in El Dorado, and she had chosen Deepwater Horizon solely on the fact she liked the actors that had been cast for the movie. A few of these actors included Mark Wahlberg and Kate Hudson. Deepwater Horizon, as I came to find out on the car ride there, is about the most devastating oil spill in United States history. Since this event occurred only roughly six years ago, I recognized it after my friend called it the BP oil spill. Growing up in south Arkansas, I know many people that work on oil rigs so the spill was something that came close to home. The movie portrays the events leading up to the rig explosion and the aftermath concerning the people aboard the rig.
Enron was on the of the most successful and innovative companies throughout the 1990s. In October of 2001, Enron admitted that its income had been vastly overstated; and its equity value was actually a couple of billion dollars less than was stated on its income statement (The Fall of Enron, 2016). Enron was forced to declare bankruptcy on December 2, 2001. The primary reasons behind the scandal at Enron was the negligence of Enron’s auditing group Arthur Andersen who helped the company to continually perpetrate the fraud (The Fall of Enron, 2016). The Enron collapse had a huge effect on present accounting regulations and rules.
The existence of bribery and unethical behavior is rampant in the world market and may not change overnight. The question of bribery has been distilled in business literature as a question of ethics. In this situation at the airport with the customs officer, it is important to distinguish between business ethics and personal ethics. In a business ethics situation, the Foreign Corruption Practices Act would prohibit offering any bribe to the custom office – for example to free a shipment of goods that was lost in red tape (Pitman & Sanford, 2006). Most companies also have policies against bribery as well. In this situation, however the main issue at hand is that of personal ethics. When in a situation where your company is unknown and there is no business being conducted, normal business ethics and laws (including FCPA) do not apply only personal ethical standards.