Essays on British Petroleum Risk Management Failures Case Study

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The paper "British Petroleum Risk Management Failures" Is a great example of a Management Case Study. BP, also known as British Petroleum is one of the largest corporations in the energy industry of the world. It provides various sources of energy, fuels, petrochemicals, retail services, gasoline, industrial and motor lubricants, solar power and other services for the market consumers. British Petroleum is now a popular seller in the industrial sector of society. It focuses its business to provide products which could possibly improve the quality of life of their consumers, to perform by global standards, improve solutions to problems of the people and to meet the needs of their customers (BP, 2007). Formerly the Anglo-Persian Oil Company or APOC, BP is now providing worldwide services in six continents of the world.

The continents are Africa, North and South America, Australia, Europe, and Asia. Their head offices are found in Europe particularly in London, the United Kingdom or the UK and in England (Wikipedia, 2007). Most of their resources are coming from the various locations onshore like the Caspian Sea, Mediterranean Sea and in the Gulf of Mexico.

They also have their operations offshore specifically in Angola, Azerbaijan, Trinidad, Algeria, Alaska, and the famous BTC pipeline or the Baku-Tbilisi-Ceyhan or the BTC pipeline running through Azerbaijan, Georgia, and Turkey to the Ceyhan Marine Terminal (BP, 2007). Most of the services offered by British Petroleum are in the energy, motor lubricants, and the gasoline industry. However, aside from these products, they also offer convenience items and pastries like bread, sandwiches, and coffee to their consumers. Their retail shops offer only two percent in their market sales which is about six billion of their revenues, but they continue to enhance their operation because their sales in convenient shops are higher than their petrol retailing (BP, 2007). BP products and services have the following brands: BP, AM/PM, Arco, Aral, Castrol, and the Wild Bean Cafe.

BP stands for “ Beyond Petroleum” . They set for quality standards to produce energy for the consumers and to build innovation to help the public to gain access to quality living. The AM/PM convenience stores are found in different locations to provide quality services and to provide snacks or food and drinks to satisfy the hunger of their customers.

Arco is one of the retail gasoline brands of BP. Together with AM/PM; they serve about 24 million customers a month. Aral is the petrol brand of BP while Castrol is a brand of automotive lubricant. Together they bring better motor performance to machines and vehicles. BP does not only provide energy, gasoline, petroleum, and lubricants. They also offer pastries, sandwiches and drinks or coffee through their Wild Bean Cafe (BP, 2007). Objectives The BP organization performs to achieve its two systematic objectives.

They are the Centralised Direction and Decentralised Implementation. The Centralised Direction is for their goals and objectives. They unify their corporation by implementing strategic objectives, values, behaviors, and standards to be performed and understood by their people. They are important for work ethics at every level of their organization. Another systematic objective of BP is Decentralised Implementation. It is for the work and operation of the company. BP offers products with quality to their customers. They work to deliver products and services to satisfy their consumer needs.

The Decentralised Implementation makes up three business segments namely: Exploration and Production, The Gas, Power and Renewable and Refining and Market (BP, 2007).

References

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BP. http://en.wikipedia.org/wiki/BP

BP. http://cve.mitre.org

BP official website. http://www.bp.com/

Commondreams.org .(2003). Report: Top Greenhouse Gas Emitters in Oil, Utility and Auto Industries Not Disclosing, Acting on Financial Risks of Climate Change. < http://www.commondreams.org/news2003/0709-09.htm>

Dorfman, Mark S. (1997). Introduction to Risk Management and Insurance (6th ed.). Prentice Hall. ISBN 0-13-752106-5.

ERM - http://en.wikipedia.org/wiki/Enterprise_Risk_Management

Minsky, S. (2007). BP Oil Pipeline Leak: A Cry for Enterprise Risk Management.

Minsky, S. (2007). Risk Management: What is the role of BPM and Content Management technology? <

http://www.logicmanager.com/contents/knowledge_center/blogs.php?risk_management_what_is_the_role_of_bpm_and_content_management_technology>

Minsky, S. (2007). Success with BPM requires Enterprise Risk Management.

Heller, R. (2006). Business Vision: Closing the management gap with strategic objectives. < http://www.thinkingmanagers.com/management/business-vision.php>

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Risk Management-http://www.aon.com/us/busi/risk_management/default.jsp

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