VALUE SYSTEMS

Value is a quality of being useful or desirable or value judgments based on matters like good, skilled, unskilled, bad etc. It is relevant to a business enterprise because values guide what a business manager should do and build an organization that creates good services. There are a few terms generally used with different meaning, at times not correctly Norms: !"pectations of proper behavior in a society Beliefs: #n abstract thinking process which supports norms. Ethos: $haracteristics of a community or of a culture. Moral: %egarding principles of right & wrong. Morality It is a standard adopted by an individual or a group that knows what is right and wrong. Moral Norms: #re moral e"pectations of a society. Moral Values: #re desired levels of morals Moral Behavior: 'tudy of right or wrong in human behavior. It is important to consider the following The values should be universal It should be the ma"imum good for the greatest number of people.

Sources of Ethics
The ( primary sources are )enetic inheritance %eligion The *egal 'ystem +hilosophical 'ystem $ode of $onduct $ultural !"perience.

Nature and Objectives of Ethics

Nature !thics deals with human beings only and their conduct.

 It is a normative science. It deals with moral judgments. Objectives +ersonal level Internal policy level 'ocietal level 'tockholder,s level

Connection between mora va ues and ethics

-hom the decision maker penalizes -hy the decision maker appear foolish !thical theory mimics life $ontradictions .inding /escriptive, 0ormative, #nalytical concept of ethics

Universa Standards The generally accepted universal standards are a good blend of 1 important contributions of thinkers Universa ! -e should not do anything which we want others to do to us. Uti itarian! The "reatest "ood for the "reatest number# This is the foundation of modern welfare economics.