Explain the Five Different Approaches to Examining Ethical Problems

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The Answer is Scholars have devised five standards that managers can use to examine ethical dilemmas.
According to the utilitarian approach, the best ethical action is the one that provides the most good or does the least harm, or, stated differently, produces the greatest balance of good over harm to customers, employees, shareholders, the community, and the natural environment.
According to the rights approach, the best action protects and respects the moral rights of everyone involved. It is based on the belief that, regardless of how one deals with an ethical dilemma, human dignity must be preserved.
The fairness approach suggests that the best action treats everyone equally and fairly. Workers should be paid a fair wage that provides a decent standard of living, and colleagues and customers should be treated as we would like to be treated.
According to the common good approach, the best action emphasizes the welfare of the entire community or nation. It asks what action contributes most to the quality of life of all affected people. Respect and compassion for all, especially the vulnerable, should be the basis for decision making.
Finally, according to the virtue approach, the best action emphasizes virtues that provide for the full development of our humanity. The most important virtues are truth, courage, compassion, generosity, tolerance, love, integrity, and prudence.
Using these approaches to analyze ethical dilemmas can be challenging because they occasionally conflict with each other. Not everyone agrees on which standard to use in all situations. Different cultures adhere to differing norms of morality and human rights and basic standards or norms of right and wrong. Many ethical dilemmas are complex and proposed approaches may not provide adequate guidance in determining the best course of action. Nevertheless, each standard is useful because it helps guide ethical behavior in almost any predicament. In most cases, they lead to similar solutions.

Explain the Five Different Approaches to Examining Ethical Problems

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