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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. Why do they call them Prescriptive Approaches? • The term “prescribe” implies a recommended course of treatment to correct a condition (presumably, an ethical problem.) • Just as a physician writes a prescription to cure an illness, processes for ethical decision-making are protocols for arriving at ethical solutions.

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

  5. Four Models for Ethical Decision-Making • Utilitarianism • Moral Rights • Justice • Individualism

  6. Utilitarianism  greatest good for the greatest number  optimizes satisfaction of greatest number  calculates harm/benefits to those affected

  7. 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

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

  9. Moral Rights  maintains rights of people affected  fundamental rights cannot be taken away  rights include: free consent, privacy, life-health-safety, due process, free speech, conscience

  10. Justiceequity, fairness and impartiality • Distributive Justice: differential allocation of rewards to people is based on objective rules and not arbitrary characteristics Procedural Justice: rules are administered fairly, even-handedly Compensatory Justice: compensate cost of injury by responsible party

  11. Individualism (Virtue Ethics) • based on personal character, defined by one’s community • relativism • promotes the individual’s long-term interests • self-interest is moderated by reciprocity • uses the “golden rule”; cheating - provokes same behavior in others

  12. Four Models for Ethical Decision-Making

  13. 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 Your Obligations • Consider Your Character and Integrity • Think Creatively About Potential Actions • Check Your Gut.

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