Principles And Values

Ferrell et al. (2017) claim that principles are distinct, all-encompassing boundaries that shouldn’t be crossed. Values, on the other hand, are enduring principles that society upholds.

One of their many similarities is that both principles and values serve as the gold standard for a company. Principles and values make comprehending and demonstrating appropriate conduct within an organization more manageable. Because values are a continuation of regulations, they all have unique qualities. They are widely accepted, utilized to create standards and ideals, create enduring boundaries for behavior, and are respected throughout cultures, which are some of the contrasts between principles. Conversely, values are arbitrary, linked to personal preference, utilized to create norms, offer direction to organizations, and vary among cultures and businesses. Because values are internalized personally, whereas principles are universal, values are more adaptable than principles. The ability to see the many views that people may have on a topic due to differing values is vital for making ethical decisions. Although core ideas may be the same, tension may need to be reduced if people hold divergent beliefs in order to reach a consensus and advance.

References

Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2017). Business Ethics: Ethical Decision Making & Cases. Boston: Cengage Learning.

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Describe and demonstrate some of the similarities and differences between principles and values. Why are principles and values critical normative considerations in ethical decision-making?

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