Principles And Values

Principles And Values

According to Ferrell, etc. (2017), principles are specific and pervasive boundaries that should not be violated. On the other hand, values are enduring beliefs and ideals that are socially enforced.

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Similarities between principles and values include that their roles are to set a model standard for an organization. Principles and values contribute to understanding and demonstrating appropriate conduct within an organization. Because values are an extension of principles, each contains distinguishing characteristics. Some of the differences in principles are that they are widely accepted, used to develop standards and values, establish pervasive boundaries for behaviour, and are valued across cultures. In contrast, values are subjective and related to choice, used to develop norms, provide guidance to organizations, and differ across cultures and firms. Values are more flexible than principles because values are internalized individually, while principles are universal. Understanding principles and values is essential to ethical decision-making because it helps one see the various perspectives that people may have on an issue due to varying values. While underlying principles may be the same, tension may need to be resolved if people share conflicting values to reach a shared understanding and progress.

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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?