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In: Finance

Explain the WH process of ethical decision-making.

Explain the WH process of ethical decision-making.

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Expert Solution

WH process of ethical decision making:

The WH approach of ethical decision making is a set of guidelines that urges to consider whom the action affects the purpose of action & how we view it morally.

Process of decision making:

  • The first step is gathering the necessary facts. It is not advisable to jump to conclusions without the facts. There may be difficulty in finding the facts or some facts may not be available. But it is always better to assemble as many facts as possible before proceeding.
  • The next step is to identify the ethical issues. There may be many ethical issues but is always better to focus on one at a time.
  • The third step would be to identify the affected parties. For example, if it is stakeholders then who are the primary, who are the secondary stakeholders etc. it is also important to see the issue from their view point.
  • The next step would be to identify the consequences. We have t think about potential positive or negative consequences that the decision might have on the affected parties, short term & long term consequences & it is also better to consider the relevant cognitive barriers or biases.
  • The fifth step is to identify the obligations that have been created because of particular ethical principles, obligations created because of stakeholder’s rights & the relevant concepts of justice that has been applied.
  • The next step is to think creatively about the potential actions. Be sure that you have not been unnecessarily forced into a corner. It is always better to brainstorm & arrive at a decision that satisfies the parties involved.
  • The last step would be deciding on the course of action. It is also essential to prepare responses to those who oppose us. We must also arrive at decisions that protect the interests of the involved parties & which maximizes the good for all the stakeholders or the involved parties.

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