Building the Foundation for Business Ethics
Building the Foundation for Business Ethics
OMM/640
October 2, y
Dr. Andree Swanson
Building the Foundation for Business Ethics
At the foundation of a successful business is ethics. This can be difficult to understand. Several models of business ethics have been created to help understand and measure a firm’s ethics (Ferrell, Fraedrich, & Ferrell, 2013). Two of these models are six sigma and balanced scorecard. This examination will explore these two models.
Six Sigma
Six sigma allows firms to better their quality management, improve job satisfaction, improve customer service, and improve shareholder relationships (Harris, n.d.). In other words, six sigma helps a firm in its relationships with all its stakeholders. When a firm finds itself in trouble, six sigma can bring the firm back to life.
Within the six-sigma model there are many sub-models (Harris, n.d.). The most popular is the DMAIC model. DMAIC stands for define, measure, analyze, improve, and control. Each step has a purpose. The firm must discover, or define, where the problem is. This gives the firm a place to start. During this process the firm is examined to discover where the problems lie and what needs to be improved. This will provide the standards of measurement used to see how effective changes are.
The analysis phase takes all collected data and seeks areas to improve (Harris, n.d.). This leads to the fourth step; improvement. This is where changes are outlined and detailed. The point of six sigma is improvement. The fourth step is the most important. Improvement is the phase that should take the most time and effort. The final step is control. This is where problems with execution of the plan are found and eliminated. The six-sigma models are a good choice for firms having problems. These models allow firms to figure out and correct problems or simply improve the firm in a methodical manner.
Balanced Scorecard
Balanced scorecard is used in many businesses and
OMM/640
October 2, y
Dr. Andree Swanson
Building the Foundation for Business Ethics
At the foundation of a successful business is ethics. This can be difficult to understand. Several models of business ethics have been created to help understand and measure a firm’s ethics (Ferrell, Fraedrich, & Ferrell, 2013). Two of these models are six sigma and balanced scorecard. This examination will explore these two models.
Six Sigma
Six sigma allows firms to better their quality management, improve job satisfaction, improve customer service, and improve shareholder relationships (Harris, n.d.). In other words, six sigma helps a firm in its relationships with all its stakeholders. When a firm finds itself in trouble, six sigma can bring the firm back to life.
Within the six-sigma model there are many sub-models (Harris, n.d.). The most popular is the DMAIC model. DMAIC stands for define, measure, analyze, improve, and control. Each step has a purpose. The firm must discover, or define, where the problem is. This gives the firm a place to start. During this process the firm is examined to discover where the problems lie and what needs to be improved. This will provide the standards of measurement used to see how effective changes are.
The analysis phase takes all collected data and seeks areas to improve (Harris, n.d.). This leads to the fourth step; improvement. This is where changes are outlined and detailed. The point of six sigma is improvement. The fourth step is the most important. Improvement is the phase that should take the most time and effort. The final step is control. This is where problems with execution of the plan are found and eliminated. The six-sigma models are a good choice for firms having problems. These models allow firms to figure out and correct problems or simply improve the firm in a methodical manner.
Balanced Scorecard
Balanced scorecard is used in many businesses and
References: Bain & Company. (n.d.). Balanced Scorcard. Retrieved from http://www.bain.com/publications/articles/management-tools-balanced-scorecard.aspx Balanced Scorecard Institute. (2014). Balanced scorecard basics. Retrieved from http://balancedscorecard.org/Resources/About-the-Balanced-Scorecard Ferrell, O., Fraedrich, J., & Ferrell, L. (2013). Business ethics & social responsibility. Mason, OH, USA: Cengage Learning. Harris, W. (n.d.). How six sigma works. Retrieved from http://money.howstuffworks.com/six-sigma6.htm Paton, S. (n.d.). Consumer-driven six sigma saves ford $300 million. Retrieved from http://www.qualitydigest.com/sept01/html/ford.html