Assignment: Critiquing Philosophical Approaches to Ethical Decision Making When it comes to making ethical decisions there are many different approaches to reach a decision. There is an ethical decision making (EDM) framework which incorporates traditional requirements for profitability and legality, as well as requirements shown to be philosophically important to stakeholders. The EDM framework asses the ethicality of a decision or action by examining the consequences or well-offness created in terms of net benefit or cost, rights and duties affected, fairness involved, and the motivation or virtues expected. Within the EDM framework there are three major philosophies used when making ethical decisions for a business. Being able to utilize all three of the EDM philosophies is massively important in order to make the right decision not only for the business but the stakeholders and yourself as well.
The first philosophical approach is consequentialism. The consequentialism approach determines whether a decision or act is ethical depending upon its consequences. Brooks (2007) stated, “The consequentialist approach requires students to analyze a decision in terms of the harms and benefits to multiple stakeholders and to arrive at a decision that produces the greatest good for the greatest number.” (Significant Ethics Issues Facing Business and the Accounting Profession). In essence act or decision is ethical if its favorable consequences outweigh its negative consequences.
The next philosophical approach is deontology. The deontology approach focuses on the obligations or duties motivating a decision or action rather than the consequences of the action. Brooks (2007) stated, “A deontological approach raises issues related to duties, rights, and justice considerations and teaches students to use moral standards, principles, and rules as a guide to making the best ethical decision.” (Significant Ethics Issues Facing Business and the Accounting Profession). With...
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