Question

business and society

QUESTION 5 (20 Marks) 5.1 Critically discuss the principles of ethical decision making (10 marks) 5.2 Propose some practical suggestions for making ethical decisions. (5 marks) 5.3 Indicate why ethical decision making can be difficult (5 marks) QUESTION 6 (20 Marks) There are SEVEN (7) key environments that affect businesses today. Discuss these in the light of forces pushing towards more freedom (free markets) and those pushing towards more state control

Answer 1

5.1) PRINCIPLES OF ETHICAL DECISION MAKING:

A) AUTONOMY - The concept of Independence,allowing an individual the freedom of action & choice to be made regarding a decision without any influence and pressure from anyone.

B) HONESTY - decision should not mislead or deceive other by misrepresentation or partial truth therefore there should be honesty & truthfulness by the executive.

C) INTEGRITY- The executive should do what he think is right even if there is greay pressure to do otherwise; they should fight for their belief.

D) PROMISE KEEPING & TRUSTWORTHINESS- The executive should be forthcoming in supplying relevant information & in correcting misapprehension of facts & should make every reasonable efforts to fulfill the letter & spirit of their promises & commitments.

E) LOYALTY- The executive should nit doscldis confidential information for personal advantage & they should safeguard the ability to make independent professional decision.

F) LAW ABIDING- Executives abide by law,rules & regulations relating to business activities.

5.2) STEPS FOR MAKING ETHICAL DECISIONS-

​​​​​​1- IDENTIFY thE PROBLEM- Whether any important ethical principles, organizational standard policy of societal law is voilated ?

2- COLLECT RELEVANT INFORMATION- Decision maker should gather every imfoinforma related to problems & the dergree of affect of the problem.

3- EVALUATE THE INFORMATION- decision maker should apply standard & assessment criteria to evaluate situation & he might also use ethivet theories.

4 - CONSIDER ALTERNATIVES- Decision maker needs to generate a set of possible action alternative such as seeking higher authority cheking other person's action etc

5- MAKE A DECISION- - Decision maker selects course of action that is supported by all the ethics theories & standards & other evaluation criteria used in decision making process

6- IMPLEMENT- After taking all the decisions the decision maker should implement them

7- REVIEW THE ACTION - once thr action is taken & results are known the consequences of the action should be reviewed & if the consequences aren't satisfactory the changes should be made in the decision making plan.