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The Ethical Dilemma for Organizations
Published in Kit Sadgrove, The Complete Guide to Business Risk Management, 2020
‘People, planet and profit’ was a phrase coined by environmental consultant John Elkington. Known as 3P or TBL, the triple bottom line broadens an organization’s focus away from simply making money (or delivering government services) to considering the wider effects of its operation. People: this refers to the social impacts of a business. The organization should treat people fairly, whether employees, customers, or suppliers and their workforces. That means avoiding the use of child labour or indentured labour.Planet: the business must seek to reduce its environmental impacts, as we discussed in Chapter 8 on the environment.Profit: the organization should take the costs and benefits of society into account, rather than simply measuring the return on its own capital. For example, if the opening of a supermarket closes smaller businesses and reduces the total number of jobs in a town, there is an overall in the overall benefit to the population. This requires ‘full cost accounting’, which covers the organization’s environmental and social costs as well at its conventional revenues and costs. This can help unearth costs and failings which the business can then seek to remove.
The Anthrosphere
Published in Stanley E. Manahan, Environmental Chemistry, 2022
Although the costs of such things as engineering controls, regulatory compliance, personnel protection, wastewater treatment, and safe disposal of hazardous solid wastes have certainly been worthwhile for society and the environment, they have become a large fraction of the overall cost of doing business. Companies must now do full cost accounting, which includes costs of emissions, waste disposal, cleanup, and protection of personnel and the environment. In industrialized countries, costs of complying with environmental and occupational health regulations are of a magnitude similar to those of research and development for industry as a whole.
What does Recycling Really Cost?
Published in John T. Aquino, Waste Age/Recycling Times’, 2020
WRC members wanted to understand all the costs involved in collecting recyclables. They wanted a complete list of recycling collection costs. They also wanted to know which collection variables were the most important. This led to the decision to use the “full-cost accounting” methodology to allocate costs. All the operating and capital costs applicable to recycling—including collection and processing equipment, labor, buildings, land, administration, and overhead—would be included. Another reason for using full-cost accounting is that several states require it for all solid waste management systems.
Virtual water: its implications on agriculture and trade
Published in Water International, 2018
Chittaranjan Ray, David McInnes, Matthew Sanderson
What is largely missing is full cost-accounting of the environmental footprint of food production, or at least its widespread adoption within traditional supply chains. As the world population is expected to reach 10 billion by 2050, the need for food is expected to double. The way in which the food system accounts for the impact of food production will become increasingly salient. Moreover, a global effort is underway to promote a new approach, such as with the UN’s Sustainable Development Goals. One of its 17 major goals speaks to sustainable production and consumption. Other goals include addressing water use, agricultural production and the environment. At the time of the workshop, the SDGs were not given much consideration since this UN initiative had recently come into being (in early 2016). However, going forward, the SDGs are expected to have increasing relevance for consumers, companies, investors, and governments and are worthy to understand for their implications on managing agri-food system sustainability.
Small-scale biodiesel production for on-farm energy security: a sustainable income diversification opportunity for oilseed producers
Published in Biofuels, 2021
Suraj Adhikari, Prabodh Illukpitiya
The total cost of implementing biodiesel production was estimated using the full cost accounting approach [26]. The analysis was performed for three stages, namely seed production, processing into oil and seed meal, and the production of biodiesel. From an economic point of view, the overall approach was to estimate average annual costs and returns over the entire economic life of the project. To calculate costs and revenues in annual equivalent terms, the present values of all costs and revenues over the useful life of the project were transformed into an equivalent annuity. The following procedure was adopted in estimating cost and revenues in annual equivalent terms [27]: and where
Lean manufacturing practices, ISO 14001, and environmental performance in Malaysian automotive suppliers
Published in International Journal of Management Science and Engineering Management, 2018
Nurul Fadly Habidin, Siti Norhafizan Hibadullah, Nursyazwani Mohd Fuzi, Mad Ithnin Salleh, Nor Azrin Md Latip
EP is one component of EMA. EMA can be defined as the management of environmental and economic performance through the development and implementation of appropriate environmental-related accounting systems and practices (Kaplan & Norton, 2008). While this may include reporting and auditing in some companies, EMA typically involves lifecycle costing, full-cost accounting, benefit assessment, and strategic planning for environmental management (Shah & Ward, 2003). The information used by managers refers to formal systems and databases that integrate procedures and processes for the training of personnel, monitoring, summarizing, and reporting of specialized EP information to internal and external stakeholders of the firm (Henri & Journeault, 2008).