4.2.1. Life cycle assessment (LCA) It is a structured tool for assessing environmental burdens across the whole product life cycle, which either helps to identify improvement areas or to make comparisons with other product. The process of LCA consists of following stages: Fig. Stages of LCA process Defining goal and scope – The functional unit for the product which is delivered to the society and the boundaries of the system that are included are defined. The choice of the most appropriate functional unit is very essential as it is the base unit against which all of the life cycle impacts are normalized.
P1 Define and compare the different roles and characteristics of a leader and a manager. What is Operation Management? According to BusinessDictonary operation management is “The design, execution, and control of operations that convert resources into desired goods and services, and implement a company's business strategy." (Businessdictionary.com, 2018.) From this definition it appears, that management operation involves the activities that transform resources into usable goods and services which generate value for the organization and it also linked with the business strategy.
Therefore, it is very important that managers of organisations be cognizant of both these environments. However, for the purpose of this paper my focus will be on the organisation’s external environment. I will begin by defining and discussing the external environment. Moreover, compare and contrast it to the internal environment. Furthermore, highlight why it is important for managers to be aware of the organisation’s external environmental factors.
Riordan’s Strategic Plan According to The Strategic Management Group (2015), “Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization's direction in response to a changing environment.” Strategic Planning is a deliberate way management can mold and shape their company to reach their goals. In order for Riordan manufacturing to become a global leader in plastic manufacturing and injection molding, they will need a strategic plan. Riordan must determine their strategies, decisions, and actions
Rediscovering Strategy (Recovery Management). Operational Effectiveness and other overall infectiveness in business activities are important on achieving on organizational goals and objectives. The effectiveness concept is rallied in the productivity management and productivity is important in doing business activities in a meaningful and cost effective manner with minimum defects and delay. Porter (1996) recognized three main levels of organizational decision making process and the blow mentioned diagram will illustrate it clearly. Corporate
With this, Porter has developed three models to comprehend each component for our use. This assignment would outline the importance of the four competitive strategies, how it could be used in a business situation and how to sustain this competitive advantage over the market. The first component that was aforementioned in the paragraph above was industry structure, to choose an industry structure; Porter has developed the five forces model as a guideline for newly established businesses. Several factors affect
It concerns for availability or resources of the organization and its proper usage to achieve desired goals. It provides various alternatives to achieve the solution to problems of the organization. Business policies are designed by the general management to guide, direct and facilitate the thinking abilities of the middle and lower level of functional executives and to make them actionable, to ensure the optimization of resources to achieve corporate objectives and
LCA applications LCA is a tool to manage the environment, thus it provides a picture of the interactions between activities with the environment. The two main objectives for LCA are to quantify and evaluate the environmental performance of a product or a process and the second objective is to provide a basis for assessing potential improvements in the environmental performance of the system. Both objectives helps decision makers to choose among alternatives and to suggest designs with minimum environmental
Findings Environmental accounting is a vital component of Social and Environmental Accounting and is believed to be accountants’ specific contribution towards preserving the integrity of the environment. Environmental accounting can be taken as covering all areas of accounting that may be affected by the business response to environmental issues. Environmental accounting involves the establishment of environmental management systems within organisations so that environmental issues can be addressed within the conventional practice. Further, these internal accounting systems need to be transformed into the reporting of environmental information, primarily in the corporate annual reports. This will make the firm accountable for its environmental
Portfolio management is driven by the strategies of the organization; it can be achieved with the proper selection of programs and projects to be implemented, prioritization and adequate provision of resources. It is useful to align internal business resources with external requirements of the changing environment. Portfolio contributes with: - Overlooking the projects selection in line with the organization strategy - The creation of best practices and their application - Prioritizing the projects and giving the appropriate level of