@@KH2210 - BSOM046.docx - 1 CIRCULAR ECONOMY Assignment...

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1CIRCULAR ECONOMYAssignment title:Circular EconomyTHE UNIVERSITY OF NORTHAMPTONNORTHAMPTON BUSINESSSCHOOLMODULE: Managing Operations and the Supply ChainModule Code: BSOM046Student’s NameStudent’s IDProfessor
2CIRCULAR ECONOMYContentsPart 1 Theoretical aspects............................................................................................................................2Theoretical aspects......................................................................................................................................2Image showing circular flow economy................................................................................................3Characteristic of circular economy..............................................................................................................4The main drivers of the circular economy...................................................................................................5Economic drivers.....................................................................................................................................5Technological drivers..............................................................................................................................6Environmental drivers.............................................................................................................................6Social drivers...........................................................................................................................................6Government Regulation drivers...............................................................................................................6economic benefits of circular economy...................................................................................................7social benefits..........................................................................................................................................7environmental benefits............................................................................................................................7The role of circular supply chains in supporting restorative processes advocated by the circular economy.7Part 2: Practical perspective........................................................................................................................8Description of organization..........................................................................................................................8Operations of Royal Dutch Shell plc in circular economy.............................................................................8Supply chain Royal Dutch Shell plc..........................................................................................................10References.................................................................................................................................................11
3CIRCULAR ECONOMYPart 1 Theoretical aspectsTheoretical aspectsDue to industrialization and globalization in energy manufacturing sector, entities have beenobliged by the government to control their extraction processes. Natural resources are scarce andlimited and thus they need to be used effectively and efficiently to enhance their sustainability(Andrews, 2015). Sustainability refers to the process of utilizing available resources optimallywhile putting into consideration needs for future generations. To cope up with this situation,innovators come up with concept of circular economy. Basically, circular economy refers toprocess of production whereby company’s finds monetary value by ensuring that no material iswasted throughout a product’s manufacturing and use (Bockenat el, 2016). Within circulareconomy, resource, reuse and recycling initiatives can save money and create revenue streamswithin supply chain of organization. In essence, circular economy is kind of ecological economy.This is because it obliges us to guide economical activities within society by ecological rulesrather than mechanical rules (Korhonen, Honkasalo & Seppälä, 2018).Image showing circular flow economy.Source: (Wrag.com, nd)
4CIRCULAR ECONOMYUnlike traditional economy which advocated a linear flow of converting resources –products-pollution in one channel of production process, circular economy advocates flow of resources-product-re use-resources (Tukker, 2015). This process is very economical since resources arehighly utilized and sustained so as to reduce the impact of economic activities on naturalenvironment.The Ellen MacArthur Foundation expounds that circular economy ismanufacturing model that is restorative and regenerative by design and which operates in closedloop with aim of keeping products and materials at their highest utility at all times (MacArthur,2013)Characteristic of circular economyIn order to achieve sustainable development strategy, firms should thrive and desire to developcircular economy in their production systems. This entails making sure that they install modern

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Term
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Tags
Supply Chain Management, Waste, Royal Dutch Shell plc

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