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PRESCRIPTIVE APPROACHES TO ETHICAL DECISION-MAKING IN BUSINESS

PRESCRIPTIVE APPROACHES TO ETHICAL DECISION-MAKING IN BUSINESS. referencing Chapter 4 Trevino & Nelson, Managing Business Ethics . NY: Wiley, 1999. Explain the “Prescriptive Approach” to ethical decision-making Distinguish between “Teleological” and “Deontological” theories.

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PRESCRIPTIVE APPROACHES TO ETHICAL DECISION-MAKING IN BUSINESS

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  1. PRESCRIPTIVE APPROACHES TO ETHICAL DECISION-MAKING IN BUSINESS referencing Chapter 4 Trevino & Nelson, Managing Business Ethics. NY: Wiley, 1999.

  2. Explain the “Prescriptive Approach” to ethical decision-making Distinguish between “Teleological” and “Deontological” theories. Identify a set of decision-making tools (ways of thinking about ethical choices). Objectives

  3. “Teleological” ‘telos’ (goal) Consequentialist Focus on results of decision or action Example: Utilitarianism “Deontological”‘deon’ (duty) Duty, Obligation, Principles, Rights Focus on what’s right in broad, abstract, universal principles. Example: Moral Rights, Justice Two Types of Prescriptive Approaches

  4. Four Models for Ethical Decision-Making

  5. UTILITARIANISM: Ethical Standards • ORGANIZATIONAL GOALS: • satisfy stakeholders • maximizing profits • EFFICIENCY • minimize inputs and external costs to society/maximize outputs • CONFLICTS OF INTEREST • corporate or collective interest is superordinate compared to individual interest

  6. UTILITARIANISM: Application • MERIT PAY • COMPETITIVE PRICING • EFFICIENT MARKETS • BANKRUPTCY • DOWNSIZING

  7. 8 Steps to Sound Ethical Decision-Making • Gather the Facts of the Situation • Define the Ethical Issues • Identify the Affected Parties • Identify the Consequences (Long v. Short, Symbolic Consequences) • Identify the Obligations • Consider Your Character and Integrity • Think Creatively About Potential Actions • Check Your Gut.

  8. ETHICAL DECISION MAKING GUIDELINES • Define the issue clearly. Is the problem what it appears to be? If not, find out why. • Is the action you are considering legal, ethical? If you are not sure, find out! • Identify the relevant values in the situation. Do you understand the position of those who oppose the action you are considering? (Devil’s Advocate • Weigh the conflicting values and choose an option that balances them. • Who benefits from your actions? Who is harmed? How much? How long? • Would you be willing to allow everyone to do what you are considering? • Have you sought the opinion of others who are knowledgeable & objective? • What would be the impact & reaction of families/friends, coworkers, superiors?.

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