What does the term "conflict of interest" imply?

The term "conflict of interest" primarily refers to situations where an individual has a personal stake in the outcome of a decision or action that may affect their professional responsibilities. This situation arises when the personal interests of the individual could potentially compromise their judgment, actions, or decisions in their professional capacity. Such stakes can lead to biased decision-making, whether consciously or unconsciously, and may ultimately affect the integrity of the processes involved.

In this context, a personal stake can range from financial interests to relationships that may sway an individual's objectives. Understanding this concept is crucial in various fields, including business and engineering ethics, as it helps maintain transparency and fairness in decision-making processes, ensuring that professional actions are aligned with ethical standards and the best interests of all stakeholders involved.