Guides for making Value Judgments
Value denotes something’s degree of importance, with the aim of determining what action or life is best to do or live. Value Judgments are an assessment of something as good or bad in terms of one’s standards or priorities. A value is something that’s precious to certain groups of people. It could be a code or a behavior or a religion. A code like the “gentleman’s code”, you know, no borrowing without returning with interest and such.
Important and lasting beliefs or ideals shared by the members of a culture about what is good or bad and desirable or undesirable. Values have a major influence on a person’s behavior and attitude and serve as broad guidelines in all situations. Some common business values are fairness, innovation, and community involvement.
Some of the conflicting values which managers have to balance in making decisions are the following:
(a) Technical – based on physical facts, science, and logic.
(b) Economic – based on market values determined by apply and demand.
(c) Social – based on group end institutional needs.
(d) Psychological – based on personal needs of at individuals.
(e) Political – based on general welfare needs of the state.
(f) Aesthetic – based on beauty.
(g) Ethical – based on that is right.
(h) Spiritual – based on what God has revealed.
Since managers do mediate among many claimants and value systems, there is no set of rules telling them exactly what to do in each situation. Managers are left with no chance other than to make judgments based on whatever general ethical guides society can furnish.