Business Chapter 3 Study Guide.docx

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Department
Business Administration
Course
BUS 201
Professor
Peter Tingling
Semester
Fall

Description
Managerial ethicsThe standards of behaviour that guide individual managers in their worksoBehaviour towards employeesoBehaviour towards the organizationsConflict of interests when an activity benefits an individual at the expense of the employeroBehaviour towards other economic agentsAssessing ethical behaviour1Gather the relevant factual information2Determine the most appropriate moral values3Make an ethical judgement based on the rightness or wrongness of the proposed activity or policyFour Ethical Norms UtilityDoes a particular act optimize what is best for those who are affected by itRightsDoes it respect the rights of the individuals involvedJusticeIs it consistent with what we regard to be fairCaringIs it consistent with peoples responsibilities to each otherManaging ethics in organizationsAdopting written codesoThey increase public confidence in a firm or its industryoThey may help stem the tide of government regulationoThey improve internal operations by providing consistent standards of both ethical and legal conductoThey help managers respond to problems that arise as a result of unethical or illegal behaviourInstituting ethics programsSocial responsibilityCorporate social responsibilityoThe way in which business tries to balance its commitments to organizational stake holdersManagerial capitalism
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