Ethics is the study of decision making within a framework of a system of moral standards.

The individual conduct that is considered 'right' and "good" in the context of a governing

moral code is called ethical behaviour. It is not only compatible with law but also confirms

to a broader set of moral principles expected by all in the social group. Two basic questions-

arise in any examination of managerial ethics: (a) Can there be one fixed in oral framework

hat can provide standards to guide managers every time they face ethical decisions? and

(b) If a single set of standard is to guide managerial behaviour, which is the right set among

the conflicting definitions of good and bad behaviour? As an example of ethical issue faced

by companies, consider the case of pharmaceutical Burrough Welcome. It has come out with

a drug AZT that slows the development of AIDS. The biggest issue is its pricing. At a cost

of $3,000 for one year's dosage, many patients cannot afford it.

FRAMEWORKS FOR RESOLVING ETHICAL

DILEMMAS

Many philosophical and management theorists have provided frameworks that can be used

by managers to face ethical dilemmas. Using these frameworks, managers can analyses the

issues involved and use plausible criteria for making decisions. However it must be noted

that just as the ethical issues are not easy to formulate, the decisions made using the

suggested frameworks are also not unambiguous. Though the suggested tools may not

enable us to have a single right answer to ethical dilemmas, they lead to answers which

appear more right, more just or more fair than it is possible to have without them.

Normative philosophy which is concerned with the study of proper thought and conduct or

how people should behave stands at the root of