BUL 4421 QUESTIONS AND ANSWERS LATEST
UPDATE (ALREADY GRADED A+).
Ethics
The study and practice of decisions about what is good, or right
Business Ethics
The application of ethics to the special problems and opportunities experienced by businesspeople
Ethical Dilemma
A problem about what a firm should do for which no clear, right decision is available
Social Responsibility of Business
The expectations that the community imposes on firms doing business inside its borders
Business Law and Business Ethics
In December 2008, multinational giant Siemens AG was ordered to pay the larges Foreign Corrupt
Practices Act (FCPA) fin in history after admitting to acts of bribery worldwide.
The company had been using off-the-book slush funds, middlemen posing as agents or company
consultants, and even money-filled briefcases to bribe government officials and secure contracts
overseas.
As a result, $1.6 billion later, Siemens AG is now forced to restructure itself to do business ethically and
legally.
Business Ethics (other)
Refers to standards of business conduct.
It does not result in a set of correct decisions.
Business ethics can improve business decisions by serving as a reminder not to choose the first business
option that comes to mind or the one that enriches us in the short run.
can never produce a list of correct business decisions that all ethical businesses will make.
Ethical Guidelines
Practical steps that provide a dependable stimulus to ethical reasoning in a business context.
WPH Process
, A set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action,
and how we view its morality.
Practical approach to business ethics that they can use to avoid costs, the three-step approach: The
WPH Process of Ethical Decision Making.
The WPH Framework for Business Ethics
Ethical guidelines requires recognition that managerial decisions must meet the following primary
criteria:
The decisions affect particular groups of stakeholders in the operation of the firm. Whom would this
decision affect?
The decisions are made in pursuit of a particular purpose. Business decisions are instruments toward an
ethical end.
The decisions must meet the standards of action-oriented business behaviors. Managers need a doable
set of guidelines for how to make ethical decisions.
The "WPH" Process of Ethical Decision Making:
(1) W—WHO (Stakeholders)
Consumers
Owners or Investors
Management
Employees
Community
Future Generations
The "WPH" Process of Ethical Decision Making:
(2) P—PURPOSE (Values)
Freedom
Security
Justice
Efficiency
The "WPH" Process of Ethical Decision Making:
(3) H—HOW (Guidelines)
Public Disclosure
Universalization
Golden Rule
Stakeholders
The stakeholders of a firm are the many groups of people affected by the firm's decisions.
UPDATE (ALREADY GRADED A+).
Ethics
The study and practice of decisions about what is good, or right
Business Ethics
The application of ethics to the special problems and opportunities experienced by businesspeople
Ethical Dilemma
A problem about what a firm should do for which no clear, right decision is available
Social Responsibility of Business
The expectations that the community imposes on firms doing business inside its borders
Business Law and Business Ethics
In December 2008, multinational giant Siemens AG was ordered to pay the larges Foreign Corrupt
Practices Act (FCPA) fin in history after admitting to acts of bribery worldwide.
The company had been using off-the-book slush funds, middlemen posing as agents or company
consultants, and even money-filled briefcases to bribe government officials and secure contracts
overseas.
As a result, $1.6 billion later, Siemens AG is now forced to restructure itself to do business ethically and
legally.
Business Ethics (other)
Refers to standards of business conduct.
It does not result in a set of correct decisions.
Business ethics can improve business decisions by serving as a reminder not to choose the first business
option that comes to mind or the one that enriches us in the short run.
can never produce a list of correct business decisions that all ethical businesses will make.
Ethical Guidelines
Practical steps that provide a dependable stimulus to ethical reasoning in a business context.
WPH Process
, A set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action,
and how we view its morality.
Practical approach to business ethics that they can use to avoid costs, the three-step approach: The
WPH Process of Ethical Decision Making.
The WPH Framework for Business Ethics
Ethical guidelines requires recognition that managerial decisions must meet the following primary
criteria:
The decisions affect particular groups of stakeholders in the operation of the firm. Whom would this
decision affect?
The decisions are made in pursuit of a particular purpose. Business decisions are instruments toward an
ethical end.
The decisions must meet the standards of action-oriented business behaviors. Managers need a doable
set of guidelines for how to make ethical decisions.
The "WPH" Process of Ethical Decision Making:
(1) W—WHO (Stakeholders)
Consumers
Owners or Investors
Management
Employees
Community
Future Generations
The "WPH" Process of Ethical Decision Making:
(2) P—PURPOSE (Values)
Freedom
Security
Justice
Efficiency
The "WPH" Process of Ethical Decision Making:
(3) H—HOW (Guidelines)
Public Disclosure
Universalization
Golden Rule
Stakeholders
The stakeholders of a firm are the many groups of people affected by the firm's decisions.
