Ethical Decision Making Process Flashcards, test questions and answers

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What is Ethical Decision Making Process?

Ethical decision making is important for any organization, small or large. It involves assessing the ethical implications of a given situation and taking into consideration the moral and legal implications of the decisions made. The ethical decision-making process involves several steps: 1) Gather information Before making an ethical decision, it is important to gather relevant facts about the issue at hand. This can include researching laws and regulations that may apply to the situation as well as consulting with experts in related fields such as professionals in accounting, communications, law, or business management. Additionally, gathering market research data can be beneficial in helping make an informed ethical decision. 2) Identify stakeholders Stakeholders are anyone who could be directly impacted by a decision; this includes customers, employees, vendors/suppliers, investors/shareholders etc). It is essential to consider all potential stakeholders when weighing out different options during the decision-making process. 3) Analyze Options – Once potential stakeholders have been identified and sufficient research has been gathered on possible outcomes associated with each option it’s time to analyze which option would yield the most positive outcome for all parties involved in a way that adheres to ethical standards set forth by law and company policy . In some cases there will be tradeoffs between what benefits one group of stakeholders more than another so careful analysis should be conducted here. 4) Make Decision – After analyzing available options its time to make a final decision based on what you believe produces the greatest good from both an economic standpoint (will this benefit our bottom line?) as well as from an ethical perspective (is this morally permissible?). 5) Implement & Monitor – Once your chosen plan of action has been implemented it’s essential to monitor its progress regularly since results may not always occur immediately or without unforeseen consequences happening along the way that were unexpected during initial analyses of potential solutions. Regularly reviewing how well decisions are performing allows any needed corrective action can taken quickly if necessary while minimizing risk exposure due to unknown variables that weren’t accounted for initially..