Final answer:
The ethical decision making framework involves considering consequences, following principles and rules, and cultivating virtuous character traits. Individual and organizational factors can impact ethical decision making. Being ethical is important for fairness, trust, and legal compliance.
Step-by-step explanation:
The ethical decision making framework consists of a set of principles and guidelines that individuals and organizations can use to make ethical decisions. Key components of this framework include considering the moral consequences of actions, following ethical principles and rules, and cultivating virtuous character traits. Individual factors such as personal values, beliefs, and experiences can influence ethical decision making, as well as organizational factors such as corporate culture, leadership, and policy. Normative approaches in business ethics include consequentialism, which focuses on the outcomes of actions; deontology, which emphasizes duties and rules; and virtue ethics, which emphasizes character development.
Being ethical while making decisions is important for several reasons. First, ethical decision making promotes fairness and justice, ensuring that the interests and well-being of all stakeholders are taken into consideration. Second, ethical decisions contribute to building trust and maintaining a positive reputation, which can enhance relationships with customers, employees, and the community. Finally, ethical decision making aligns with legal and regulatory requirements, reducing the risk of legal and financial consequences for individuals and organizations.