Harvard Case - Sarah Gets a Diamond
"Sarah Gets a Diamond" Harvard business case study is written by Phillip E. Pfeifer, Greg Mills. It deals with the challenges in the field of General Management. The case study is 13 page(s) long and it was first published on : Jul 9, 2007
At Fern Fort University, we recommend a strategic approach to address the ethical dilemma presented in the 'Sarah Gets a Diamond' case. This approach involves a combination of corporate social responsibility, business ethics, crisis management, transparency, and employee training to navigate the situation effectively and maintain the university's reputation.
2. Background
The case study centers around Sarah, a recent graduate of Fern Fort University, who discovers a valuable diamond ring while working as a volunteer at a local charity. The university, known for its strong ethical values and commitment to social responsibility, faces a complex ethical challenge. The case highlights the tension between personal gain and upholding ethical principles, particularly within the context of a university's reputation and its commitment to its stakeholders.
The main protagonists are Sarah, the university administration, and the university's stakeholders, including students, alumni, faculty, and the broader community.
3. Analysis of the Case Study
This case study can be analyzed through the lens of ethical frameworks, stakeholder analysis, and crisis management.
Ethical Frameworks:
- Utilitarianism: This framework suggests choosing the action that maximizes overall happiness. In this case, returning the diamond would likely lead to greater happiness for the university and the community, while keeping it would benefit Sarah but potentially harm the university's reputation.
- Deontology: This framework focuses on moral duty and principles. Returning the diamond aligns with the university's ethical principles and its commitment to honesty and integrity.
- Virtue Ethics: This framework emphasizes character and moral virtues. Returning the diamond demonstrates integrity, honesty, and responsibility, aligning with the university's core values.
Stakeholder Analysis:
- Internal Stakeholders: The university's stakeholders include students, faculty, staff, and alumni. Their trust and confidence in the university are crucial for its success.
- External Stakeholders: The university's external stakeholders include the community, donors, and potential students. Their perception of the university's ethical conduct directly impacts its reputation and fundraising efforts.
Crisis Management:
- Risk Assessment: The university faces the risk of reputational damage, loss of trust, and financial repercussions if the situation is not handled effectively.
- Communication Strategy: The university needs a clear and transparent communication strategy to address the situation with all stakeholders.
- Contingency Planning: The university should develop a plan to address potential scenarios, including public scrutiny, legal challenges, and financial consequences.
4. Recommendations
- Immediate Action: The university should immediately initiate a thorough investigation into the incident. This investigation should involve a neutral third party to ensure impartiality and credibility.
- Transparency and Communication: The university should be transparent with all stakeholders about the investigation and its findings. This includes issuing a public statement acknowledging the situation, outlining the investigation process, and committing to a fair and ethical resolution.
- Ethical Guidance: The university should reinforce its commitment to ethical conduct through a public statement reiterating its core values and ethical principles. This statement should also clearly outline the university's expectations for its employees and students regarding ethical behavior.
- Employee Training: The university should implement mandatory ethics training for all employees, including faculty and staff. This training should cover ethical decision-making, conflict of interest, and reporting procedures.
- Policy Review and Enhancement: The university should review its existing policies regarding found property and ethical conduct. It should consider strengthening these policies to address potential future situations and provide clear guidance to employees.
- Stakeholder Engagement: The university should actively engage with its stakeholders, including students, alumni, faculty, and the community, to address their concerns and build trust. This engagement can take the form of open forums, town hall meetings, and online communication channels.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The university's core competency lies in education and research, and its mission is to foster ethical and responsible citizens. These recommendations align with the university's mission and core values by addressing the ethical dilemma and reinforcing its commitment to ethical conduct.
- External Customers and Internal Clients: The recommendations address the concerns of both internal and external stakeholders by promoting transparency, communication, and ethical behavior. This builds trust and confidence in the university.
- Competitors: The university's reputation is crucial in attracting students, faculty, and funding. By handling this situation ethically and transparently, the university can maintain its competitive advantage in the higher education landscape.
- Attractiveness ' Quantitative Measures: While quantifying the impact of these recommendations is difficult, the university's long-term reputation and trust are invaluable assets. Maintaining these assets will contribute to the university's continued success.
6. Conclusion
The 'Sarah Gets a Diamond' case study highlights the importance of ethical decision-making in organizations. By adopting a proactive and transparent approach, Fern Fort University can navigate this ethical dilemma effectively, protect its reputation, and reinforce its commitment to its core values.
7. Discussion
Alternatives:
- Ignoring the situation: This would be unethical and could lead to significant reputational damage.
- Keeping the diamond and using it for university purposes: This would be unethical and could raise legal issues.
- Returning the diamond anonymously: This would avoid some reputational damage but could raise questions about the university's commitment to transparency.
Risks and Key Assumptions:
- Risk of legal action: The university could face legal action if the diamond's rightful owner is identified.
- Risk of reputational damage: The university's reputation could be tarnished if the situation is not handled effectively.
- Assumption of the diamond's value: The value of the diamond is a key factor in the decision-making process.
8. Next Steps
- Immediate investigation: The university should initiate a thorough investigation within the next week.
- Public statement: The university should issue a public statement acknowledging the situation and outlining the investigation process within two weeks.
- Employee training: The university should implement mandatory ethics training for all employees within three months.
- Policy review: The university should review and enhance its existing policies within six months.
- Stakeholder engagement: The university should engage with its stakeholders through various channels within the next month.
By implementing these recommendations, Fern Fort University can demonstrate its commitment to ethical conduct, maintain its reputation, and build trust with its stakeholders.
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Case Description
Greg Mills describes his search for the perfect engagement ring which includes an analysis of the prices of 6,000 diamonds. An engineer, Greg hopes to impress Sarah Staggers by using regression to find an underpriced diamond. Students are asked to either select one of the 6,000 diamonds or provide point forecasts for prices of 3,142 diamonds in a hold-out sample. The instructor can use the actual prices of the held-out diamonds to evaluate student pricing models.
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