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Stakeholder - Is any person or group with a stake in the issue at hand Descriptive - An approach to ethical decision making focuses on how people actually make ethical decisions Prescriptive - Approach to ethical decision making focuses on what decision an individual should make Philosophy, psychology - The prescriptive approach is to ______________, as the descriptive approach is to _________________ Utilitarianism - Probably the best-known consequentialist theory Principle of utility - States that an ethical decision should maximize benefits to society and minimize harms Deontologist - A person who focuses on doing what is "right" (based upon moral principles or values such as honest) Consequentialist - A person who focuses on doing what will maximize societal welfare Deontological - It's major challenge is deciding which duty, obligation, right, or principle takes precedence because ethical dilemmas often pit these against each other Virtue Ethics - An ethics approach that focuses more on the integrity of the moral actor (person) than on the moral act itself (decision or behavior) Disclosure rule - Challenges one to ask, "how would you feel if your behavior appeared in the Wall Street Journal"? Gather the facts - What is the first step in sound ethical decision making in businessCheck your gut - What is the last step in sound ethical decision making in business Off the record statement - A reporter can use the information you provided in a story as long as the remarks are not attitudes directly to you Components of calculated Risk Taking - Ask yourself about your intentions / ignore power and influence / weigh the risks and benefits of action / think about timing Components of "how to blow the whistle" - Approach your immediate supervisor first if you can / take it to the next level / consider going outside the chain of command What can you receive under the false claims act - 15 to 30 percent of whatever damages the federal government recovers if you blow the whistle on government fraud What can you receive under the Dodd-Frank act for whistleblowing - The SEC will pay 10 to 30 percent of the amount the government recovers from financial fraud if the whistleblower provides original information leading to a recovery of more than a million dollars People are more likely to be ethically aware, to recognize the ethical nature of an issue, if............... - They believe their peers will consider it to be ethically problematic / if ethical language is used to present the situation / if the decision is seen as having the potential to produce serious harm to others Relativism - A persons emphasis on ethical principles being depends on the situation rather than being applicable to all situations