In What Circumstances Would Each Approach To Stakeholder Impact Analysis (moral Standards, 5-question, And Pastin's Approach) Be Most Useful? Generalize About The Approaches And Describe When Each Would Be Most Or Least Useful.

All of these approaches to the ethical approaches to stakeholder impact analysis can be generalized as follows:

• Moral standards approach

This approach requires three moral standards to be met in order for the action to be ethical. Firstly - the utilitarian standard is one that asks if the action will be more beneficial to society than it will harm society. Secondly - have individual rights of the people involved been respected and protected? Thirdly - will whatever profits that arise from the action be distributed in an even and fair way? If all three standards are met then the action is ethical.

• 5-question approach

This is similar to the moral standards approach; however it takes the consideration further. This approach asks five questions of the action or decision to establish if it is indeed ethical. These questions are to find out if the action is profitable, legal, fair, right and sustainable. If all the questions come back with a positive answer then the action is deemed ethical.

• Pastin's approach

This approach goes off in a slightly different direction, as it separates each potential area of ethics and tries to recognize each one individually. For example, it begins by trying to establish if the decision or action is accepted by the rules of the company. Then it will broaden the scope and try to establish how the action will affect external sources connected to the company.

Then the approach looks at how the boundaries have been set and in what way they should consider the ethical principles of the actions. Finally - Pastin's approach looks to discover how these boundaries can be avoided in order to minimize potential conflict.