Ethical Decision Making in Business

Hello sir I want to know about Ethical Decision Making in Business so here can you please give me its details ?

Hey as Decision making in business ethics usually requires companies to identify specific ethical standards, which often means different things to different people.


Types
There are five types of ethical standards: utilitarian, rights, fairness or justice, common good, and virtue.
Utilitarian ethics is a standard that attempts to do the most good and limit the amount of harm for each individual.
A rights approach protects and respects the moral rights of individuals impacted by decisions.
The fair or just style seeks to create equality among all individuals while the common good method focuses on bettering society as a whole.
The virtue tactic centres on the ideal virtues necessary for promoting individuals for the company.


Functions
Business ethics is a tool companies use to ensure managers, directors, or executive officers act responsibly in various business situations.
Ethical decision making attempts to promote the company as a whole, rather than letting one individual profit from business decisions. Individuals who consistently make de


Considerations
Creating an ethical business environment does not happen overnight.
Companies may need to spend time and money training and promoting business ethics among managers and employees.
Companies may also find implementing an ethical decision-making process may lead to negative feedback from managers or employees.
Combating this negative feedback may be a difficult part of implementing business ethics.

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Answered By StudyChaCha Member