Utilitarianism is an ethical theory that determines right from wrong by focusing on outcomes. It is a form of consequentialism. Utilitarianism holds that the most ethical choice is the one that will produce the greatest good for the greatest number (Rendtorff, 2017). It is the only moral framework that can be used to justify military force or war. It is also the most common approach to moral reasoning used in business because of the way in which it accounts for costs and benefits.
Explanation:
The utilitarian implication of this situation lies in the question of what the company considering that it needs to make a decision that will not only favor the company but it should also be correct. Despite the need for the company to save itself, the best decision is to include on its balance sheet a very costly liability for the clean-up of a hazardous waste pool that has accumulated over the past several years as a direct by-product of its operations (Rendtorff, 2017). Virtue ethics would require the company to the right thing and include the waste cleaning cost in the balance sheet. Normally, the company should have noted the costs and prevented their accumulation.
References
Rendtorff, J. D. (2017). Perspectives on Philosophy of Management and Business Ethics: Including a Special Section on Business and Human Rights. Basingstoke, England: Springer.
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