Business Ethics Theories Teachback Presentation

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  • Assignment 3-2 Complex Problem Solving Part 3A: Develop Adequacy in Each Relevant Discipline (Teachback Presentation)
  • Utilitarianism refers to “the Greatest Happiness Principle”.This means that what is good is what is best for the most amount of people.
  • Utilitarianism was founded by Jeremy Bentham. It is based on the principle of utility: actions are right if they produce happiness or pleasure. Pain, on the other hand, is evil. There is no other moral standard; only the consequences determine whether something is right or wrong. (West, n.d.)
  • The focus of utilitarianism is on the consequences. These consequences are measured against one ‘useful’ value: happiness, pleasure, etc. The goal is to maximize these values. Consequentialism:the right action is the one that produces the most intrinsic goodActions are morally right if it results in happiness or pleasure. (Internet Encyclopedia of Philosophy,n.d.)
  • Consequentialism:the right action is the one that produces the most intrinsic goodActions are morally right if it results in happiness or pleasure. (Internet Encyclopedia of Philosophy,n.d.)
  • To determine whether the consequences will be for the common good, Bentham proposed that one could calculate the pleasure or pain’s: intensity nearness (or farness) duration certainty (uncertainty) fecundity purity extentThis would also help in determining what course of action to take. (Cavalier, n.d.)
  • According to John Stuart Mill, ““the ultimate end … is an existence exempt as far as possible from pain, and as rich as possible in enjoyments, both in point of quantity and quality … ” (Daniels Fund, n.d.). He emphasized the importance of the quality of happiness as opposed to the quantity of happiness. Utilitarianism refers to “the Greatest Happiness Principle”. What is good is what produces the greatest happiness for the greatest number of people.
  • He emphasized the importance of the quality of happiness as opposed to the quantity of happiness. Utilitarianism refers to “the Greatest Happiness Principle”. What is good is what produces the greatest happiness for the greatest number of people.
  • There are two types of utilitarianism. Act-utilitarianism: right action is the one that produces the best results (or least bad results) Rule-utilitarianism:right rule is the one that brings about the most good when followed (Cavalier, n.d.)
  • The Stakeholder Theory identifies the stakeholders of a corporation and addresses the interests of relevant parties. It focuses not just on profit maximization for shareholders of a corporation, but on value creation for all stakeholders. It was put forth by R. Edward Freeman in his book Strategic Management: A Stakeholder Approach.(Encyclopedia, n.d.)
  • According to Freedman, for any business to be successful, they must create value for: customers suppliers employees communities financiers shareholders banks etc.
  • Each group is important to the success of a business: Customers value products and services that meet their needs. Suppliers help businesses innovate. Employees can be motivated and put their skills to good use. Being a good member of the community helps the business avoid costly regulation. Keeping financiers happy makes sure capital is available. (Business Roundtable, 2008)
  • The challenge is making sure that their interests go in the same direction.
  • Business Ethics Theories Teachback Presentation

    1. 1. Business Ethics<br />Theory of Utilitarianism<br />Stakeholder Theory<br />
    2. 2. Ethical Dilemma<br />“What is right?” <br />“What is the goal?”<br />“What is the best outcome?”<br />
    3. 3. Utilitarianism<br />The Ethical Theory of <br />
    4. 4. Utilitarianism<br />from Latin ‘utilis ’ meaning “useful”<br />
    5. 5. Utilitarianism<br />branch of teleological ethics<br />from Greek ‘telos ’ meaning “end”<br />— right or wrong depends on the outcome or result<br />
    6. 6. Utilitarianism<br />
    7. 7. Utilitarianism<br />“Greatest Happiness Principle”<br />
    8. 8. Utilitarianism<br />“… the greatest happiness of the greatest number …”<br />
    9. 9. Utilitarianism<br />To act ethically means: <br /> maximizing the good<br /> minimizing the bad<br />
    10. 10. Stakeholder Theory<br />The<br />
    11. 11. Stakeholder Theory<br />stakeholders<br /> any group that can affect, or be affected by the company’ <br />
    12. 12. Stakeholder Theory<br />focus is on:<br /> creating value for stakeholders<br />
    13. 13. Stakeholder Theory<br />resulting in:<br /> sustainability over time<br /> maximum value <br /> for shareholders<br />
    14. 14. References<br />Business Roundtable Institute for Corporate Ethics. (2008, May 22). Interview transcript: R. Edward Freeman on stakeholder theory. Retrieved from http://www.darden.virginia.edu/corporate-ethics/Video_Stakeholder_Theory/transcript_freeman_stakeholders.html <br />Business Roundtable Institute for Corporate Ethics. (2008, May 22). Stakeholder theory with R. Edward Freeman. Retrieved from http://www.darden.virginia.edu/corporate-ethics/video_stakeholder_theory/index.html<br />Encyclopedia of Business. (n.d.). Stakeholder Theory. Retrieved from http://www.referenceforbusiness.com/encyclopedia/Sel-Str/Stakeholder-Theory.html <br />Financial Times Lexicon. (n.d.). Stakeholder theory. Retrieved from http://lexicon.ft.com/Term?term=stakeholder-theory<br />Phillips, R. (2003). Stakeholder theory and organizational ethics. San Francisco, CA: Berrett-Koehler Publishers.<br />
    15. 15. References<br />Andre, C. & Velasquez, M. (n.d.) Calculating consequences: The utilitarian approach to ethics. Retrieved from http://www.scu.edu/ethics/publications/iie/v2n1/calculating.html<br />Cavalier, R. (n.d.). Utilitarian theories. In Online Guide to Ethics and Moral Philosophy. Retrieved from http://caae.phil.cmu.edu/cavalier/80130/part2/sect9.html <br />Daniels Fund. (2006). Utilitarian ethics: A framework for making decisions. Retrieved from http://nefe.danielsfund.org/ethics/section_two/ue.html <br />Internet Encyclopedia of Philosophy. (n.d.). Consequentialism. Retrieved from http://www.iep.utm.edu/conseque/ <br />Internet Encyclopedia of Philosophy. (n.d.). Ethics: Consequentialist theories. Retrieved from http://www.iep.utm.edu/ethics/#SSH2c.i<br />West, H. R. & Duignan, B. (n.d.). Utilitarianism. In Encyclopædia Britannica. Retrieved from http://www.utilitarianism.com/utilitarianism.html <br />
    16. 16. Photo Credits<br />GiniMiniGi. (2008, August 30). Smile. [Photograph]. Retrieved from http://www.sxc.hu/photo/1067469<br />GiniMiniGi. (2008, August 30). Smile. [Photograph]. Retrieved from http://www.sxc.hu/photo/1067470<br />Milev, S. (2008, May 21). Question con 1. [Photograph]. Retrieved from http://www.sxc.hu/photo/1009933<br />Milev, S. (2008, September 29). Market on the rise 1. [Photograph]. Retrieved from http://www.sxc.hu/photo/1083424 <br />Milev, S. (2009, May 25). Advanced pie 1. [Photograph]. Retrieved from http://www.sxc.hu/photo/1189103<br />Milev, S. (2010, January 13). Teamwork 3. [Photograph]. Retrieved from http://www.sxc.hu/photo/1254522<br />Sundstrom, L. (2008, May 3). Safety pins 2. [Photograph]. Retrieved from http://www.sxc.hu/photo/998542<br />Sundstrom, L. (2008, May 3). Safety pins 3. [Photograph]. Retrieved from http://www.sxc.hu/photo/998543 <br />

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