the management structure of a company. For a company like BP, there had to be a descent change when the company went through recent events. The oil spill caused legal issues, which lead to the company having to reevaluate their management strategy to take care of the issues. They had to come up with solutions that were both ethical and attainable through the company’s leadership. With the oil spill bringing on quite a bit of controversy, BP also had to try to make things right in the public eye through
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Yue Song University of Maryland 12/9/2012 An Assessment of BP’s Objectives, Risks and Controls General Introduction BP (formerly known as British Petroleum) is a British multinational oil and gas company headquartered in London, UK and operating in more than 80 countries. Vertically involved in almost all areas of the oil and gas industry (exploration, production, refining, petrochemical products, power generation etc.), it provides its customers with fuel for transportation, energy
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Challenges in the Global Business Environment Bus 457 11/25/2014 Chevron Chevron, one of the oldest energy companies in United States, was first founded as Pacific Coast Oil Company in 1879 and was named as Chevron Corporation in 1984. Several companies were established after Standard Oil’s split during 1980s’ and Chevron Corporation was among those big energy corporations who merged with those companies. The company is publicly traded on NYSE, Dow Jones Industrial Average and S&P
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The repercussions have been multifold as liabilities in the form of cleanup costs and reimbursements for lost livelihoods continue to mount. Alongside this, shareholder confidence has waned considerably – BP share price suffered its lowest in fourteen years in the wake of the Gulf of Mexico oil spill in 2010. The 2010 explosion was
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Case 1 McDonald’s: Grilling Up an Empire 1. Describe some of the management challenges McDonald’s has likely faced in its expansion internationally. McDonald’s has been a staple in the restaurant business for as long as most of us can remember. It has achieve around the globe, but not without overcoming a fair amount of challenges in its pursuit of the title “King of Fast Food”. The basis for the entire business is ethical, truthful and dependable. It takes time
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situation, especially when BP has a serious of accidents before the worst oil spill in the U.S. history happens. According to Doris Burke (2011) “each time its CEO vowed to avoid a future disaster and it failed”. Back in 2005 a high-profile explosion at Texas City kills 15 workers and injures 180. A year later another leak happens in Alaska, to be repeated again in 2009. Implying Feedforward control would have been just simple common sense. With a history of accidents, BP should have been on top
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greater certainty about Clean Air Act permitting requirements for the oil and natural gas industry. The proposals are part of the agency’s broad-based strategy under the President’s Climate Action Plan to reduce emissions of the potent greenhouse gas methane and smog-forming volatile organic compounds from this rapidly growing industry. The proposal will complement rules the agency issued in 2012 to reduce pollution from the oil and natural gas industry while helping ensure that development of these
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did not make wrong choices we would never get anything done. Throughout history people have made mistakes every single day. Some errors turn out to be a good thing while some turn out to be something disastrous. The discovery of Penicillin and the oil spill in the Gulf of Mexico, two well remembered events in history, are examples of faults made by everyday people. Sir Alexander Fleming was a young bacteriologist when an accidental discovery led to one of the great developments of modern medicine
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BP Vs. Enron - An ethical Approach There are several different ways that unethical practices can be carried out. I will be highlighting the Enron failure, with the more recent BP Oil Spill, and comparing the practices of each one to one another. The BP oil spill was caused when methane gas rose into the drilling machine of the oil rig, and caused an explosion, which burned the entire platform (Bureau, 2011). Soon after, large patches of oil appeared on the surface of the water, and soon reached
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BP has a long history of successes, failures, profitable decisions, and poor choices. According to the Market Strategies text, “BP’s environmental, legal and ethical transgression demonstrate that the company has a history of disregarding the well-being of stakeholders” (Ferrell, 2011). For example: The gulf oil spills was definitely the worst disaster in the history of the oil industry. However, BP did not respond to this disaster as to reflect an ethical, environmentally and socially responsible
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