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Remember that your grade depends on the quality of your initial and revised responses, not just on the submission of an attempt at improvement. It is thus to your advantage to post the best initial post you can and then to also improve that best effort as much as you can through revision. Taking this process seriously will help you develop the skills you need to do well on the final project.Revise this paragraph to answer questions below use references provided below BP is a huge company, and its focus was on savings and approaching unnecessary risks that would strengthen their economic position. Some of the major decisions that the company made include avoiding cement bond log, determining the number of centralizers to be used and wellcasing. Most of the decisions made by the company affected safety issues and maintenance and these decisions greatly affected people, the environment, and other businesses. The company had experienced similar problems before, but they still chose to reduce their costs over caution and safety measures. The ethical problem here is that despite the risks experienced; the company still focused on profits and savings but not caution. BP is a company that is controlled by shareholders, and their decisions are based on the interest of the shareholders. The decision makers do not take greater good into consideration, but they make decisions based on their interest. Ethical theories are important in guiding our values, morals,and beliefs in the various aspects of the society. Some of the critical ethical theories that we apply in our daily lives include utilitarian, virtue ethics and deontology. In the case of Environment (BP), the utilitarian theory is critical and more appropriate in the business case because it advocates for a greater good. The theory states that the actions of an individual or organization should be of a greater good and cater for the interests of the majority (Harsanyi, 1995). The theory also allows for exceptions when it comes to the rule of law and justice provided the interest of human beings are at stake. This school of thought believes that BP should do the right thing even if their business will be compromised. The intention and objective of businesses are to serve the public with a motive of making profits. In the move to make profits, the business should consider their interests as well as that of the public to ensure that there is a mutual benefit (Frynas, 2005). The business needs not to break the law and violate the interest of the public but embrace a greater good which will boost the image and reputation of the company. The actions of BP proves to be harmful and not adhering to the greater good because the oil spill affected animals, people as well as other industries and businesses. The move by the company to take business unnecessary risks can be affected by laws which require that the business needs to adhere to safety measures and accountability for its consequences (Escobar, 2011). The government came up with drilling regulations to prevent the repeat of the disaster. The SafetyBoard also came up with regulations that would ensure that the company adheres to safety measures and caution. The law also advocates for the development of clean solutions which will reduce such instances. Lastly, the law calls for the increase in the number of regulators so that they can limit and monitor such instances while enhancing safety and caution (Nwilo, 2005).ReferenceEscobar, L. F., & Vredenburg, H. (2011). Multinational oil companies and the adoption of sustainable development: A resource-based and institutional theory interpretation of adoption heterogeneity. Journal of Business Ethics, 98(1), 39-65.Frynas, J. G. (2005). The false developmental promise of corporate social responsibility: Evidence from multinational oil companies. International affairs, 81(3), 581-598.Harsanyi, J. C. (1995). A theory of prudential values and a utilitarian rule theory of morality. Social Choice and Welfare, 12(4), 319-333.Nwilo, P. C., & Badejo, O. T. (2005, May). Oil spill problems and management in the Niger Delta. In International Oil Spill Conference (Vol. 2005, No. 1, pp. 567-570). American Petroleum Institute. Revising QuestionsWhen it comes to the environment, do you think businesses (esp., manufacturing ones) should be required to give more of its profits towards environmental causes? Is it ok to have certain requirements of some businesses and not others?Purchase the answer to view itPurchase the answer to view it
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