During 1968, Ford Motor Company made a historic decision regarding the Pinto, which was engineered with a rear gas tank assembly that had a tendency to explode in accidents that involved some rear-end collisions. The company allowed the Pinto to remain on the market after it qould be more costly to engage in a recall effort than to pay out the costs of liability for injuries and deaths incurred.
In an infamous memo, Ford’s senior management calculated what the company would likely have to pay per life lost. It is noteworthy that these estimates were not FOrd’s alone but were based on figures from the National Highway Traffic Saftey Administration. Using these figures, the costs forrecalling and modifying the Pinto were one hundred twenty-one thousand million dollars, while the costs for settling cases in which unjuries were expected to occur would be only about fifty million dollars.
Considering the following questions when assessing this scenario:
How should the decision making process be handled? How should the intrinsic as well as the instrumental value of a human life be determined?
Think about how you would measure your own worth or the value of someone close to you? Who are their stakeholders and what is their value to each of them? How will they measure it financially?
1. How much would your stakeholder suffer if they lost you? 2. How much do you currently contribute to society and what would society lose if you were not here? 3. How much would society benefit if you continued to survive?
Business have reasons to consider these issues, though extraordinarily difficult; how would you prefer that they reach conclusions in these areas?
Please provide 4 APA sytle references both inline and at the end of the paper to support the analysis.
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