Management Planning And Ethics Essay

1240 words - 5 pages

Management Planning and Ethics
Student __________
Axia College of University of Phoenix
MGT 330 Management Theory, Practice and Application
Instructor ________
Date _________

Management Planning and Ethics

Only during the last few decades has planning become a widespread function of management. In the mid-1900s formal planning was only adopted by a few large corporations. Nowadays, aggressive and opportunistic entrepreneurs who run small firms also engage in formal planning (Bateman & Snell, 2009). Planning is directed to set up goals and to decide in advance what actions should be taken in order to achieve the established organizational goals. Planning includes activities ...view middle of the document...

Spacek continued to run the company under the name of Arthur Andersen because of its renowned reputation it had built in past years (CFO, 2002). The company continues to provide the same consulting, tax, and auditing services to large corporations as they did in the past. Ernst & Young, Deloitte, KPMG, and PriceWaterhouseCoopers are known as “the Big 4 accounting firms. Arthur Andersen made the Big 5 list but was disbanded by the government in 2002 for Obstruction of Justice following the Enron scandal” (The New York Job Source, n.d., ¶ 1).
Evaluation of Arthur Andersen’s Planning Function

The management’s function in strategic planning identifies and pursues “the organization’s mission by aligning the organization’s internal capabilities with external demands of its environment” (University of Phoenix, 2004, ¶ 1). The first step of the management’s function in strategic planning is direct to create a unique vision, mission, and values (VMV) statement. Vision statements are a specific and concrete destination. A mission statement is a declaration regarding the basic purpose of an organization. Values refer to the beliefs of an organization. The VMV of Arthur Andersen focused on among others, exceeding client expectations. Upper management repeated the mission statements at the beginning of meetings. “It worked until the firm was overcome with greed" (Goliath, 2008, ¶ 1). Indeed, the Arthur Andersen commitment to build the reputation of the firm, promote an equal distribution of profits among the firm’s partners, and maintain its faithfulness to accounting standards failed when the firm gained more profit than it truly should have and senior executives shredded relevant documents related to its audit of Enron. The lawyer for Enron Corporation sued Arthur Andersen and the company lost its reputation and its business collapsed. Thus, the planning of Arthur Andersen failed.

Legal Issues, Ethics, and Social Responsibility
Legal issues, ethics, and social responsibilities are three factors that impact management planning. Every company has a legal responsibility to obey local, federal, state, and international laws. Further, every company has an ethical responsibility which means meeting social expectations that are not translated in laws. Finally, every company has a corporate social responsibility which is “the obligation toward society assumed by business. The socially responsible business maximizes its positive effects on society and minimize its negative effects” (Bateman & Snell, 2009, p. 181).
Arthur Andersen did not fulfill the necessary legal, ethical, and corporate social responsibility standards. Management planning was negatively affected by these three factors. For instance, legal issues (i.e. Enron) did not allow the company to function properly which led to the company being disbanded by the government. The firm was following wrong and illegal accounting practices, which initially led the company into legal...

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