...Business Ethics is the principles of conduct governing an individual or a group. It is the study of morality. Morality are the standards that an individual or group has about what is right and wrong, or good and evil. Moral norms can usually be expressed as general rules or statements, such as “Always tell the truth”. Moral values can usually be expressed as statements describing objects or features of objects that have worth, such as “Honesty is good” and “Injustice is bad”. Five characteristics can help pin down the nature of moral standards. 1. Moral standards deal with matters that we think can seriously injure or seriously benefit human beings. 2. Moral standards are not established or changed by the decisions of particular legislative bodies. 3. We feel that moral standards should be preferred to other values including (especially?) self-interest. 4. Moral standards are based on impartial considerations. – that is, a point of view that does not evaluate standards according to whether they advance the interests of a particular individual or group, but one that goes beyond personal interests to a “universal” standpoint in which everyone’s interests are impartially counted as equal. 5. Moral standards are associated with special emotions and a special vocabulary. Ethics is the discipline that examines one’s moral standards or the moral standards of a society. Ethics is the study of moral standards – the process of examining the moral standards of a...
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...Business Ethics is the principles of conduct governing an individual or a group. It is the study of morality. Morality are the standards that an individual or group has about what is right and wrong, or good and evil. Moral norms can usually be expressed as general rules or statements, such as “Always tell the truth”. Moral values can usually be expressed as statements describing objects or features of objects that have worth, such as “Honesty is good” and “Injustice is bad”. Five characteristics can help pin down the nature of moral standards. 1. Moral standards deal with matters that we think can seriously injure or seriously benefit human beings. 2. Moral standards are not established or changed by the decisions of particular legislative bodies. 3. We feel that moral standards should be preferred to other values including (especially?) self-interest. 4. Moral standards are based on impartial considerations. – that is, a point of view that does not evaluate standards according to whether they advance the interests of a particular individual or group, but one that goes beyond personal interests to a “universal” standpoint in which everyone’s interests are impartially counted as equal. 5. Moral standards are associated with special emotions and a special vocabulary. Ethics is the discipline that examines one’s moral standards or the moral standards of a society. Ethics is the study of moral standards – the process of examining the moral...
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...Ethical Perspectives University of Phoenix MGT/344 Organizational Behavior and Ethical Responsibility Stephen D. Kempisty December 4, 2008 Ethics maybe considered as a large field of study, however, it is generally designed to demonstrate to people “what is right or wrong in human behavior and conduct” (Thiroux, 2003). Ethics is also applicable to the ability to make choices, so the absence of this ability or opportunity to make a choice could be considered to be unethical behavior. Even though one is sometimes unaware of it, when choices are made there are standards competing, or ethical perspectives, that governs one’s behavior. My ethical perspective can be basically summed up into the saying ‘do unto others as you would have them do to you’. An individual’s duty lies within doing what is morally right. My perspective recognizes that ethical principles must be at all times appropriate, regardless of the circumstances, and at all times must be committed to enhancing individual freedom. (ethics-twi.org). Ethical perspectives can be put into four categories. Each category will identify a different standard for making choices, and also makes reference to some interest that is valued or referred. Utilitarianism is often times referred to as situational ethics. The ‘right’ thing to do does not necessarily depend in ethical standards, but rather on the assessment of the situation, the alternative...
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...A. Acting out of moral principle B. Being loyal to one's superior C. Having the courage to do the right thing D. Not subordinating professional judgment to others 2. Each of the following describes the behavior of Cynthia Cooper in the WorldCom fraud except for: A. Persistence B. Competence C. Integrity D. Hesitance 3. Each of the following is a pillar of character according to the Josephson Institute except for: A. Caring B. Citizenship C. Respect D. Judgmental 4. Empathy entails all of the following characteristics of behavior except for: A. Being loyal to one's friends B. Being understanding of one's friends C. Being sensitive to the feelings of one's friends D. All of these 5. If one's reputation is tainted it may create a: A. Conflict of interests B. Loss of independence C. Lack of trust D. All of these 6. The Independence Principle in the AICPA Code applies to: A. All accountants and auditors B. All CPAs regardless of professional services C. All CPAs who render attestation services D. All members of the audit committee 7. The method of ethical reasoning that does not deal with making decisions after considering the interests of others is: A. Egoism B. Enlightened Egoism C. Utilitarianism D. Rights Theory 8. The method of ethical reasoning that requires selecting the correct moral rule that produces...
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...largest mining disaster in over four decades. The dilemma that I will analyze in my paper is whether Massey Energy acted in an ethical manner with regards to the events at the UBB mine. The dilemma will be analyzed using two different ethical principles, the principle of lawfulness and the principle of harm. Along with the ethical principles, Massey will be subject to two different methods of ethical reasoning. These two methods are the human rights and utilitarian methods. After analyzing their actions in accordance to these principles and methods, I concluded by all accounts that Massey did not act in an ethical way. Ethical principles are society’s guide to moral behavior. They are basic behavioral rules that are considered essential for the preservation and continuation of organized life. One principle for ethical and moral behavior is the principle of lawfulness. This principle states that individuals are to not violate the law in order to act in an ethical fashion. Massey Energy Corporation was known for not adhering to governmental mandates that ensured the safety of the environment. Two years prior to the disaster at UBB, Massey violated policies in the Clean Water Act, and was forced to pay $20 million. The corporation received hundreds of citations in regards to site violations at the UBB site alone. The second ethical principle I will use to judge the actions of Massey is the principle of harm. This principle simply requires individuals to do no harm to others. Massey...
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...Final Project Part One Amanda Schneider Ethics in the Legal Environment LS312-03 February 17, 2014 Final Project Part One Immanuel Kant is the founder of the ethical theory untitled the categorical imperative. This theory is based on ethical decisions being universal to everyone in society. Being universal to society means that everyone in society would do the same thing. Kant goes further in his analysis by saying that someone’s motives must be pure. A motive is considered pure as long as it is not selfish. So to apply this theory you must test both the motive behind the action as well as the universality to the action (The Kaplan eGuide to Ethics and the Legal Environment, 2013). To examine the scenario given for this assignment you must first identify the action. In this case the action being examined is whether or not it is ethical for one board member to use their board member status when dealing with personal business contacts. The first part of Kant’s theory states that a person’s motives must be pure. In this case the board member’s motive are not pure. They want to use the board’s good name to further his personal business connections. This motive is selfish as it only produces a positive effect for the board member’s personal business. This board member is not acting with a pure motive and therefore fails the first part of Kant’s theory. Next you must apply this action universally. What would happen if every board member was allowed to...
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...Abstract Ethics are a set of acceptable principles that guide the way individuals should act in a given situation. Utilitarian Ethics is morally right acts that bring the most happiness to individuals. For instance, utilitarian ethics main focus is happiness and what decision will produce the maximum amount of happiness for everyone involved. Jeremy Bentham believed that individuals were governed by two masters, which are pleasure and pain. The utility test helps individuals select the best outcome that will result in the most happiness and minimize pain or discomfort. Utilitarian Ethics Utilitarian Ethics is the theory that "an action is morally right if and only if it produces at least as much good (utility) for all people affected by the action as any alternative action the person could do instead" (Cambridge Dictionary of Philosophy, 2nd ed). Utilitarian Ethics is morally right acts that bring the most happiness to individuals. Jeremy Bentham believed that individuals were governed by two masters, which are pleasure and pain. The Case of the Sole Remaining Supplier is facing a utilitarian ethical problem. This paper will address the key utilitarian ethical problem(s) confronting the supplier/transistor company in this Case. In addition, the paper will also identify what advice Jeremy Bentham would give to the company, and apply the application of Steps A through D of the Utility Test to the company. Furthermore, this paper will compare and contrast the results...
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...Paper lecture 1: Lindblom: What is this market system? A market system exists only when markets proliferate and link with each other in a particular way. A market system is a system of society-wide coordination of human activities not by central command but by mutual interactions in the form of transactions. Three kinds of markets are the most familiar: The labor markets, the agricultural markets, and markets for services and goods that industry provides to customers. Two less obvious kinds of markets are no less necessary for a market system. One is markets for intermediate services and goods produced for other producers. The other is market for capital. In market systems people do not go their own way; they are tied together and turned this way or that through market interactions. In our time it is a governed market system, heavily burdened or ornamented with what old-fashioned free marketers decry as ‘interferences’. Although buying and selling may be natural to human-kind, market systems are not. The market system that lies closest to our span of attention is the capitalist market system. In ostensibly democratic societies, market skeptics sometimes fear that the market system may bring an end to democracy. One of their fears is that big corporations already exercise powers inconsistent with democracy; and that multinational corporations overwhelm small nation-states. Despite the growing consensus in favor of the market system, it is of course possible...
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...The view that equates morality with self-interest is 1. Stoicism 2. Egoism 3. Hedonism 4. Platonism 1. Psychological hedonists hold that humans are by nature 1. Virtuous 2. Selfish 3. Altruistic 4. Immoral 1. The view that we should always act so as to produce the greatest possible balance of good over bad for everyone affected by our actions is known as 1. Virtue ethics 2. Divine command ethics 3. Deontology 4. Utilitarianism 1. Jeremy Bentham and John Stuart Mill both endorsed 1. Virtue ethics 2. Divine command ethics 3. Deontology 4. Utilitarianism 1. By “good” utilitarians mean 1. Happiness or pleasure 2. Morality or virtue 3. Wealth or prosperity 4. Desire satisfaction 1. The “hedonic calculus” was developed by 1. Epicurus 2. Mill 3. Bentham 4. Kant 1. A. C. Ewing criticized 1. Deontological principles 2. Act utilitarian principles 3. Virtue ethics 4. Divine command theory 1. Adam Smith argued that if business is left to pursue its own...
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...Abstract The purpose of this assignment is to provide a critical analysis of the decision faced by the transistor Board of Directors through the lens of utilitarianism. This analysis will be accomplished by discussing the key utilitarian ethical problems confronted by the transistor company board of directors; by discussing what advice would Jeremy Bentham would have given the transistor Board of Directors; the author will apply the first four steps of the Utility Test in regard to the case; the author will discuss the Common Good Test and its implication on the case; the author will also compare and contrast the Utility Test and the Common Good Test; and finally the author will explain which of the two tests is most informative, and why. The Case of the Sole Remaining Supplier The decision faced by the Transistor Board of directors is one of many examples that are challenging the everyday decision making in the organizational ethics. In the year 1975, the transistor company boards of directors were faced whether to continue to sell its product to the pacemaker company. If the transistor company decides not to supply its product the consequences would affect the stakeholders that include patients, cardiologists, Pacemaker Company, and the transistor company. For example, many patients who are suffering irregular heartbeat would not live without pacemaker. According to Pacemaker Company, “Pretty soon, no one will be making heart pacemakers, and many people need them. Without...
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...CHAPTER 1: THE IMPORTANCE OF BUSINESS ETHICS Ethics- Inquiry into the nature and grounds of morality where the term of morality is taken to mean moral judgments, standards and rules of conduct. The American Heritage Dictionary- Ethics- The study of the general nature of morals and of specific moral choices, moral philosophy, and the rules or standards governing the conducts of the members of a profession. Applying Ethics to business: 1.To survive, business must earn a profit 2. Business must balance their desires for profits against the needs and desires of society. Business ethics comprises the principles and standards that guide behavior in the world of business. CHAPTER 2: STAKEHOLDER RELATIONSHIPS, SOCIAL RESPONDSIBILITY, AND CORPERATE GOVERNANCE. In a business context, customers, investors and shareholders, employees, suppliers, government agencies, communities, and many others who have a “stake” or claim in some aspect of a company’s products, operations, markets, industry, and outcomes are known as stakeholders. These groups are influenced by business, but they also have the ability to influence businesses; thus, the relationship between companies and their stakeholders is a two-way street. Stakeholders provide resources that are more or less critical to a firm’s long-term success. These resources may be both tangible and intangible. Primary stakeholders are those whose continued association is absolutely necessary for a firm’s survival; these include...
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...people in business act accordingly. Exceptions occur when there is uncertainty about ethical obligations in particular situations or when considerations of ethics come into conflict with the practical demands of business. In deciding on an ethical course of action, we can rely to some extent on the rules of right conduct that we employ in everyday life. However, business activity also has some features that might limit the applicability of our ordinary ethical views. One distinguishing feature of business is its economic character which can be summarized as the conduct of buyers and seller and employers and employees. A second distinguishing feature of business is that it typically takes place in organizations which is a hierarchical system of functionally defined positions designed to achieve some goal or set of goals. Because business involves economic relations and transactions that take place in markets and also in organizations, it raises ethical issues for which the ethics of everyday life has not prepared us. Decisions making occurs on several distinct levels: the level of the individual, the organization, and the business system. The level of the individual represents situations that confront them in the workplace and require them to make a decision about their own well-being. The level of the organization can be identified as a decision which must be made by an individual acting on behalf of the organization bringing about some organizational change. The...
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...The view that equates morality with self-interest is 1. Stoicism 2. Egoism 3. Hedonism 4. Platonism 1. Psychological hedonists hold that humans are by nature 1. Virtuous 2. Selfish 3. Altruistic 4. Immoral 1. The view that we should always act so as to produce the greatest possible balance of good over bad for everyone affected by our actions is known as 1. Virtue ethics 2. Divine command ethics 3. Deontology 4. Utilitarianism 1. Jeremy Bentham and John Stuart Mill both endorsed 1. Virtue ethics 2. Divine command ethics 3. Deontology 4. Utilitarianism 1. By “good” utilitarians mean 1. Happiness or pleasure 2. Morality or virtue 3. Wealth or prosperity 4. Desire satisfaction 1. The “hedonic calculus” was developed by 1. Epicurus 2. Mill 3. Bentham 4. Kant 1. A. C. Ewing criticized 1. Deontological principles 2. Act utilitarian principles 3. Virtue ethics 4. Divine command theory 1. Adam Smith argued that if business is left to pursue its own...
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...Introduction This essay will explore ethical behaviour concerning businesses and its significance to these businesses. It will then discuss in detail, the four alternative views of ethical behaviour relating to business organisations and further discuss, proving examples, how this links to Corporate Social Responsibility. “Right” and “wrong” behaviour in business context Business ethics can be defined in many ways but generally it is about right and wrong. The way organisations behave and make decisions is very important as it has an impact on their sales/services. This is because there is so much competition nowadays, that if organisations do not behave ethically the customers are likely to go somewhere else to get the similar products. For that reason companies are forced to behave ethically and not only because of competition but also because the law requires them to. Furthermore they are other reasons why businesses need to act ethical such as; litigation avoidance, regulatory freedom, public acceptance, investor confidence, supplier trust, customer loyalty, employee performance and finally personal pride. All these reasons can help organisations to make profit and expand as they will be appealing to consumers. For example gaining customers’ loyalty will increase their sales as they will have repeat customers that will spread good word of mouth, which will attract new consumers. Moreover they will also be able to attract investors and employees to want to work...
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...Utilitarianism "According to act-utilitarianism, it is the value of the consequences of the particular act that counts when determining whether the act is right. Bentham's theory is act-utilitarian, and so is that of J.J.C. Smart. One objection to act-utilitarianism is that it seems to be too permissive, capable of justifying any crime, and even making it morally obligatory, if only the value of the particular consequences of the particular act is great enough. Another objection is that act-utilitarianism seems better in theory than in practice, since we hardly ever have the time and the knowledge to predict the consequences of an act, assess their value, and make comparisons with possible alternative acts. Modern act-utilitarians think that these objections can be met. Others have developed alternatives to act-utilitarianism, e.g. rule-utilitarianism, and other forms of indirect utilitarianism." The Penguin Dictionary of Philosophy ed. Thomas Mautner Ethical principle according to which an action is right if it tends to maximize happiness, not only that of the agent but also of everyone affected. Thus, utilitarians focus on the consequences of an act rather than on its intrinsic nature or the motives of the agent Classical utilitarianism is hedonist, but values other than, or in addition to, pleasure (ideal utilitarianism) can be employed, or — more neutrally, and in a version popular in economics — anything can be regarded as valuable that appears as an object of rational...
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