Management Chapter 5

• Ethics: How we act, live, lead our lives, and treat others
• Values: Basic fundamental beliefs that guide actions
• Terminal values: desired goals, objectives, or end states that individuals wish to pursue
• Instrumental values: Preferred means of behavior used to obtain those goals
• Utilitarian: A consequentialist, "end justifies means" approach. Greatest goof for greatest number of people
• Universalism: A duty-based approach. Considers the welfare and risks of all parties
• Rights: A moral and legal entitlement-based approach
• Justice: Procedures, compensation, and retribution
• Virtue Ethics: Character-based virtues
• The common good: Considers the intent as well as the effects of actions on broader society
• Ethical Relativism: A self-interested approach
• Ethical blindness: do not perceive ethical issues
• Ethical muteness: do not have ethical language or principles
• Ethical incoherence: Not able to see inconsistencies
• Ethical Paralysis: don't act on their values
• Ethical hypocrisy: Not committed to their values
• Ethical Schizophrenia: Do not have set of coherent values
• Ethical Complacency: Believe they can do no wrong
• Corporate social responsibility: A belief that companies have a social responsibility beyond pure profit
• Triple bottom line or 3 P's: People, planet, profit