Ethical Theories & Decision-MakingHow do ethical theories relate
Ethical Theories & Decision-MakingHow do ethical theories relate to decision-making? Analyze and discuss. Be specific.Submission Instructions: Your initial post should be at least 200 words, formatted and cited in proper APA style with support from at least 2 academic sources. Your initial post is worth 8 points. You should respond to at least two of your peers by extending, refuting or correcting, or adding additional nuance to their posts. Your reply posts are worth 2 points (1 point per response.) All replies must be constructive and use literature where possible.Post by classmate 1 Good afternoon class,I did not want to be the 1st to post, but here we go. Business ethics and conduct are divided into two ways: market behavior and roles and relationships. The ethical decision-making outcome is simply that two parties reach an agreement that mutually benefit each other and consent to it.Utilitarianism dates to the times of ancient Greece and describes actions are determined by the type of positive consequence they produce. Its goal is to provide the most good while creating the least amount of harm. In a business approach, this may mean analyzing several outcomes, a classic cost/benefit assessment, and/or consideration of the stakeholders of the company (Capsim, 2020). Kantian Ethics deals with moral authority and how we are all bound to it. This ethics is based on rational will and good intentions. Its based on doing the right thing. In Kantian ethics, the morality of an action is determined based on the reasons for our actions. Kant applied a “categorical imperative” to determine the moral validity for a particular action (Ethics Sage, 2017). Kantian ethics relates to decision-making, for example a company’s promise to donate to a certain cause Leukemia or a match in percentage to all employee retirement accounts. Virtue ethics are applied to business with the notion that a good businessperson is also a good person. Someone who follows Duty-based ethics should do the right thing, even if that produces more harm than doing the wrong thing (Duty Based Ethics, n.d.). Rights and Justice are part of business ethics and the first example the book gives us are that employers and employees both have certain rights. This idea also gives consumers the rights to product and environmental safety. Justice can then be divided into three different kinds, which include distributive, compensatory, and retributive justices (Bagley, 2019). Distributive justice describes employee or government benefits and who pays for them, which are divided among the company or society. Compensatory justice aims on compensating people for the harm done by others for example, individuals suing the cigarette companies for developing COPD and cancer due to the products the companies sold them. Retributive justice is how to deter others from doing harm, for example termination or prosecution of certain negative behaviors.The Entitlement theory is based on the principles of a just original acquisition and a just transfer, then the holding is also just and should be honored. This theory supports a market system with only absolute minimum government intervention, if the acquisition and transfer are satisfied (Boatwright, 2017). The theory made up by Robert Nozick’s describes some free market principles, but I will let you all comment on it. Thanks.ReferencesCapsim (2020, May 4). Five Ways To Shape Ethical Decisions: Utilitarian Approach. Retrieved from: https://www.capsim.com/blog/five-ways-shape-ethical-decisions-utilitarian-approach/ (Links to an external site.)BBC (n.d.). Duty Based Ethics. Retrieved from: http://www.bbc.co.uk/ethics/introduction/duty_1.shtml (Links to an external site.)Ethics Sage (2017, May 2). Ethics According to Immanuel Kant. Retrieved from: https://www.ethicssage.com/2017/05/ethics-according-to-immanuel-kant.html (Links to an external site.)Bagley, Constance (2019). Managers and The Legal Environment (9th) Edition. Cengage.Boatright, John, Smith, Jeffrey. (2017) Ethics and the Conduct of Business, 8th Edition. PearsonPost by classmate 2 The Role of Ethical Theories in Decision-MakingEvery day, people are faced with situations where they have to make decisions about what is right and what is wrong. This shows that ethics is essential at all levels of life. Ethics provides standards for behavior that enable people to decide how they ought to act when faced with different situations. In general, ethics regards making decisions and providing reasons behind making such decisions.Audi (2009) asserts that making good decisions requires exercising sensitivity to ethical issues as well as the use of a proven approach of exploring ethical aspects of a particular decision. Ethical theories act as frameworks that guide decision-making. It is crucial to have a style for ethical decision making. Such an approach should be practiced regularly to ensure individuals work through it habitually. Thus, theories offer a platform for guiding the decision-making process. The more complex a decision is, the more an individual needs to use a decision-making framework that guides the decision-making process.Pasternak (2012) argues that there are only three broad theories that help enhance ethical decision-making which suggest three broad frameworks that guide people in making ethical decisions, these are the consequentialist model, the duty model, and the virtual framework. These frameworks are supported by theories. However, none of the theories is completely perfect. If there were a perfect theory to guide ethical decision-making, it would have discredited all other theories. It is thus important for an individual to understand the advantages and disadvantages of each of the models to enable him/her to identify the most useful in each situation. Therefore, it is clear that ethical theories have a crucial role in decision-making. Ethical theories help guide individuals to make informed decisions regarding particular situations; these theories thus help ensure an individual practices ethical decision-making.ReferencesAudi, R. (2009). Business ethics and ethical business.Pasternak, S. (2012). The role of ethical theories in ethical reasoning and behavior within organizations. Unpublished Research Proposal Submitted to the Faculty of Management, Tel Aviv University. Available from www. ti-isreal. org/…/dbs-Atachedfiles/sigalitPasternak. pdf.
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