Question

Why is ethical decision-making important in the business environment? Give an example.

When working in a multicultural environment, explain the difference between a low context culture and a high context culture?

Describe your use of the four management functions in the management of your daily life.

Answer 1

Ethical decision making is important for business because
Reputation and profit derived from business goes hand in hand. If there is fault in ethical decision making it would hamper the reputation of company. Employees will feel dissatisfied as a result of unethical decision making which would not be in congruence with moral values of employees.
The brand value diminishes due to unethical decision making. Hence the businesses becomes less appealing for the stakeholders.
Ethical companies are at the lesser risk of being fined for breach of any business laws. For example some textile companies producing organic shirt in order to cut back the use of chemical and pollutants released in the environment due to creation of regular shirts.

Difference between low context culture and high context culture in multicultural environment.
High context culture maintain long relationships, more face to face communication occur leading to less written communication.
More understanding among the members of the group is observed in high context multicultural environment.

Low context culture is bounded by organisational rules, interpersonal relationships are short term which last only till the project deadline. Knowledge is transferred through written and verbal communication.
Less bonding among the members of group.

The four management functions include
Planning
Organising
Leading
Controlling

In my daily life I plan my daily activities by maintaining to-do list, and decide deadline by setting smart goal, organise all the necessary stationery required for the work to be accomplished so that there is no waste of time in finding the right stationery, take charge of my own actions and act as an influencer for my siblings by monitoring my own actions, by the end of the day reviewing all the activities and if any activity is left unaccomplished, take control action by modifying the to-do list of the next day.