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CHAPTER OBJECTIVES
o After reading this chapter, you will be able to:
1. Describe a process for ethically responsible decision-making. 2. Apply this model to ethical decision points. 3. Explain the reasons why good people might engage in unethical behavior. 4. Explore the impact of managerial roles on the nature of our decisionmaking.
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o To the degree that a decision affects the well-being of the people involved, it is a decision with ethical implications.
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o In business contexts, it can be easy to become so involved in the financial aspects of decisions that one loses sight of the ethical aspects. o Normative myopia does not occur in business alone. o Inattentional blindness: Results from focusing failures. o Change blindness: Means by which ethical issues might go unnoticed.
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IDENTIFYING STAKEHOLDERS
o Stakeholders: All of the groups and/or individuals affected by a decision, policy or operation of a firm or individual. o Making more reasonable and responsible decisions:
o Consider issues from a variety of perspectives other than ones own and other than what local conventions suggest.
o Thinking and reasoning from a narrow and personal point of view virtually guarantees that we have not understood the situation fully.
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IDENTIFYING STAKEHOLDERS
o A major challenge to ethical decision making:
o Decisions involve the interests of multiple stakeholders.
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o Do not consider only the obvious options with regard to a particular dilemma, but also the much more subtle ones that might not be evident at first blush.
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o Understanding a situation from anothers point of view. o Weighing the alternatives will involve the following consequences to all the relevant stakeholders:
o Likely o Foreseeable o Possible
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o We often select the alternative that satisfies minimum decision criteria: Satisficing. o Other stumbling blocks
o Motivation o Willpower
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MANAGERIAL ROLES
o The decision-making model introduced in this chapter develops from the point of view of an individual who finds herself/himself in a particular situation. o Personal integrity lies at the heart of such individual decisionmaking:
o What kind of person am I? o What are my values? o What do I stand for?
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MANAGERIAL ROLES
o Within a business setting, individuals must consider the ethical implications of both personal and professional decision making. o Every individual fills a variety of social roles and these roles carry with them a range of expectations, responsibilities, and duties.
o Some of our roles are social: friend, son\daughter, spouse, citizen, neighbor. o Some are institutional: manager, teacher, student body president. o Some are professional: attorneys, accountants, auditors, financial analysts.
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Decision-making in these contexts raises broader questions of social responsibilities and social justice.
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