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

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Presentation transcript:

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

Objectives  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).

Two Types of Prescriptive Approaches “ 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

Four Models for Ethical Decision-Making

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

UTILITARIANISM: Application MERIT PAY COMPETITIVE PRICING EFFICIENT MARKETS BANKRUPTCY DOWNSIZING

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.

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?.