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Energy Demand Management for a Sustainable Future

   

Added on  2019-11-26

18 Pages4245 Words133 ViewsType: 133
Business DevelopmentFinanceDesign and Creativity
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Running Head: CIRCULAR ECONOMY 1Managing Operations and Supply Chain
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CIRCULAR ECONOMY 2Table of ContentsIntroduction......................................................................................................................................3Organization Background................................................................................................................3Theoretical Perspective....................................................................................................................4Concept and Characteristics of Circular Economy......................................................................4Main Drivers of Circular Economy.............................................................................................6Next-life Products and materials..............................................................................................6Product Transformation............................................................................................................6Risks associated with supply and prices...................................................................................6Circular supply chains supporting circular economy......................................................................7Role of Circular Economy in Promoting Job Creation....................................................................8Practical Perspective........................................................................................................................9Company’s Business Model.........................................................................................................9Economic Benefits.....................................................................................................................11Social Benefits...........................................................................................................................13Environmental Benefits..............................................................................................................13Conclusion.....................................................................................................................................14References......................................................................................................................................15
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CIRCULAR ECONOMY 3Introduction In developed countries, the concept of circular economy has become an effective practice in oiland gas sector. Circular economy is regenerative and restorative design that relies on process-side innovation process. The concept of circular economy aims at redefining the products andservices of organization to develop waste out for reducing the negative effects (ACCA, 2016).This model of circular economy is focused on manufacturing the products and services and partfor the remanufacturing, recycling and reuse. It offers several opportunities to the public andprivate companies to adopt great innovation and have better growth in business processes. Thereare so many organizations in Kingdom of Bahrain, which are moving to circular economy. Thisreport analyzes both theoretical and practical perspectives of circular economy. Theoreticalperspective includes the characteristics and concepts of circular economy and major drivers ofcircular economy. Second part of the report examines the practice perspective of the circular economy. It includesthe role and importance of circular economy in developing new job and employmentopportunities. It includes the discussion about an organization of Kingdom of Bahrain, i.e.Bahrain Petroleum Company (BAPCO). Furthermore, the concepts of circular economy areapplied to the business model of above organization. At the end, the report includes economic,social and environmental advantages from this type of economy. It also examines that howimplementation of circular economy business model is assisting in creating job and employmentopportunities.Organization Background Bahrain Petroleum Company (BAPCO) is well-established in oil and gas industry in Kingdomof Bahrain. In Canada, the organization was founded in the year 1929 in by Standard OilCompany of California for business activities in Bahrain. In the year 1999, current BahrainPetroleum Company was formed when Bahrain National Oil Company amalgamated withBAPCO. It is headquartered in Awali, Bahrain. BAPCO is an oil company that is operating itsbusiness in the area of oil exploration, production, drilling, refining and selling and marketing
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CIRCULAR ECONOMY 4(Bapco, 2017). Currently, it operates 260000 barrel per day oil refinery in Bahrain. Now, thecompany is owned by Government of Bahrain, as all the shares of the company are taken over bythe government. The organization also deals with the exports, vending, refined products andunprocessed oil to different locations around the world. Thus, the organization has both domesticand international customers for its petroleum and oil products. The organization is adoptingAvaya’s technology to change its infrastructure (BizBahrain, 2015). The implementation of thistechnology has allowed the company to incorporate the operations and to make its tools safe foroperations. Theoretical PerspectiveFor any concept, theoretical perspective is very important part of strategic framework that can beadopted to manage any social and economic situation in organizational environment. Atheoretical perspective includes different assumptions about that particular aspect. Theseassumptions may answer the related questions for getting final outcomes. It is very important tohave a better understanding about the research, as it will assist in managing the idea and opinionsand make the concepts obvious to all concerned people (Andrews, 2015). The following sectionof this report states the theoretical perspective of circular economy and its characteristics alongwith its major drivers and advantages. Concept and Characteristics of Circular Economy Circular economy is an important concept that has attained worldwide popularity amongbusinesses. Circular economy is the terms for business models, which do not generate wastematerial, but under this model, the firms reuse the resources and materials again. It can be statedthat it is an approach of business that focuses on reusing and recycling all things, which thecompany possesses. Circular economy is opposite to the linear business model that works on theprinciples of producing, using and then disposing (Anastassacos, 2016). It shows thatmanufacturing management processes effectively and treats the waste material as valuablematerial for economic purpose. European Commission stated that using the resources moreappropriately will help in carrying new growth and employment opportunities with decreasingthe wastage and oil emissions. There are various leaders and managers, who are gaining differentbusiness opportunities by the adopting the concept of circular economy. The organizations
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