Can Professional Code of Ethics Be the Backbone of Management and Research Paper

Can Professional Code of Ethics Be the Backbone of Management and Leadership's Decision Making in Business - Research Paper Example h one side of ethicists arguing that the right thing to do is always determined by the verdict of moral principles, while the opposite side remains adamant on their stance that an ethical decision is subject to the intricacy of the situation, and therefore is dependant upon the individual’s subjective opinion rather than s certain set of principles. Philosophers refer to ethics as being the ‘science of conduct’, and that ethics comprise of all those basic foundational values and ground rules according to which we live our lives. This paper will open with a general discussion of ethics in the business world and move on to explain how this management discipline came into existence. Furthermore, the expedient tool of ‘professional codes of ethics’ is analyzed with regards to the decision making process, and finally the paper culminates with an in-depth analysis of the pros and cons of the codes of ethics in the decision making process (Ferrel et al., 200 9, 4). Different people can relate to the concept in different ways, and therefore it has come down to having various different subjective meanings, but generally it is referred to as the knowledge of what is right or wrong in the workplace environment and then doing what is right. Wallace and Pekel claim that it critical to pay considerate attention to business ethics at times occurrence of fundamental changes- times which are faced by most of the businesses today, whether profit or non-profit. In these certain precarious situations, the values in a business which were taken for granted previously are questioned, leading to the dismissal of many of the values, and therefore there remains no clear or definite set of values which would act as a compass in guiding the leaders to steer the business according to what is right or wrong. Thus attention to the concept of ethics in the workplace sensitizes the leaders as well as the workers to how they are expected to cope up with moments change. Most importantly,