Ethics and Values

1. Dr. Manjit Kour

2. Carter McNamara has described following 10 myths
about Business Ethics
Myth1:Business Ethics is more a matter of religion
than management
Myth2: Our employees are ethical so we don’t need
attention to Business Ethics
Myth3: Business Ethics is a discipline best led by
philosphers and academics
Myth4: Business ethics is superfluos-it only asserts the
obvious: “do good”

3. Myth5: Business Ethics is a matter of good guys
preaching to the bad guys
Myth6: Business Ethics in the new policeperson on the
block
Myth7: Ethics can’t be managed
Myth8: Business ethics and social responsibility are
the same thing
Myth9: Our organization is not in trouble with the law,
so we’re ethical
Myth10: Managing ethics in the workplace has little
practical relevance

4.  In Oxford dictionary, value means worth.
 Values provide guidance as we determine the
right versus the wrong, the good versus the
bad. They are our standards.
 Values are the basic beliefs that an individual
thinks to be true. Every individual has a set
of values through which he looks at all things
and also the world.

5. Honesty
Integrity
Promise keeping
Loyalty
Fairness
Caring-concern for others
Respect for others
Abiding by law
Commitment to excellence
Leadership
Reputation and Morale
Accountability

6.  Ethics are the set of rules that govern the
behavior of a person, established by a group
or culture whereas values refer to the beliefs
for which a person has an enduring
preference
 Ethics determine what is right and values
determine what is important
 Ethics is system of moral principles whereas
values are stimuli for thinking