BUSINESS ETHICS -5

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People experience love , generosity and care irrespective of their race, religion and nationality. Culture may ne local but ETHICS is universal. To respect other cultures and be sensitive to their customs is an important principle of Business Ethics

Principle , Belief and Business Management Share price fluctuation , No proper prediction. Be practical. Twin Objective ; Customer satisfaction and value addition to share holders Common sense and Problem solving Manufacturing labor, training, wages , disputes Service telephone, transport etc. NO GENERAL SOLUTION Case to Case we need to decide

Ethics is Human Action

Ethics is a practical discipline The only thing that is good in the world and beyond is GOOD WILL. Socialism , communism, capitalism +, Indian socialism then nationalization of bank, PSU Conservatives ( right) vs State business ( left) Philosophy of Business ( theory) vs Business philosophy

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Management is doing things right( job ) , leadership is doing right things( initiative , responsibility for self and society). Peter Drucker. CSR by MBO There is no BUSINESS ETHICS , there is JUST ONE ETHICS Peter Drucker

Decision Making
Decisions are taken to carryout activity, reasoning precedes decision. Morality lies in practice and not theory. The manager needs a clear code of conduct. Decision Making : Moral reasoning and its application. Manager Decision Maker

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Decision making is a complex process involves different categories of human thoughts and actions, relationships, times and circumstances, levels of understanding , cultural backgrounds, languages ,interpretations, professional areas and laws

Understanding Decision Making

Decisions in Ordinary life Decisions in Career Decisions in social life Decisions in investment Decisions in School , college IN DECISION In decision will take you by storm then left with no choice except driven by storm.

Decision in Professional Life

Career / Business loss due to In decision . You r responsible to vast no. of people. In decision due to lack of data / fact for decision. In Decision Do not waste time , Do not get confused, frustrated APPLY COMMON SENSE. BUSINESS Men with out MBA succeeds bcos of COMMON SENSE ( Refer SURF advt)

Essence of Decision making

Decisions based on qualitative figures makes your job easy. Decision making is qualitative affair buying a car Intention or inner decision ( stealing Intention vs actual incidence ( helping neighbour). Clear intentions establish the conduct of a good leader.

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Relationship of Intention , Action , Morality and law Murder case

Normative Model Decision Making

Decisions based on assumptions and the assumption becomes norms or standard to function for a purpose. Normative theory deals with ethical human behavior. Classical economics , statistics, the science of classes and sets , politics , political economy and the practice of game theory. Individual vs group behaviour.

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Normative theory is qualitative in nature because the nature of norms is transcendental. Transcendental refers to a priori propositions such that they do not need any empirical reference. These are general ideas formed by our mind and applied to individual events. The intellectual process involved is deductive.

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Normative principles Utility , Right/duty ( one man s right is another man s duty). Means and ends( means of our actions should justify our ends). Justice ( to give one s due), Conscience( judge moral worth), Prudence( common sense), Stewardship( extended responsibility)