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stakeholder - any person or group with a stake in the issue at hand descriptive - the 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 Utilitarianism - the best known consequentialist theory principle of utility - states that an ethical decision should maximize benefits to society and minimize harms Utilitarian focuses on - (Consequesntialist approach) focuses on what is best for society Deontologist - Follow the rules no matter what. Focuses on universal principles such as honesty. virtue ethics - focuses on the integrity of the moral person not on the moral act itself (the decision or behavior) Disclosure rule - asks whether you would feel comfortable if your activities were disclosed in the light of day (if you have something to hide it is probably unethical) veil of ignorance - deciding what is ethical and just without any regard to the background of the situation or orical imperative - This rule asks you to consider whether the rationale for your action is suitable to become a universal law or principle for everyone to follow (what if everyone did it?) Eight Steps to Sound Ethical Decision Making in Business - 1. GATHER THE FACTS 2. DEFINE THE ETHICAL ISSUES 3. IDENTIFY THE AFFECTED PARTIES (THE STAKEHOLDERS) 4. IDENTIFY THE CONSEQUENCES 5. IDENTIFY THE OBLIGATIONS 6. CONSIDER YOUR CHARACTER AND INTEGRITY 7. THINK CREATIVELY ABOUT POTENTIAL ACTIONS 8. CHECK YOUR GUT