Executive report Following the last tragedy, this company has been working tirelessly to restore the trust that was lost during the tragic accident that cost the lives of a number of people. As I present this report, I wish to reiterate the fact that our thoughts remain with the deceased individuals. The incident impacted the trust the customers had had on the company negatively. Consequently, it was our obligation to do all we could to restore the lost trust. In this vein, the management of the company tailored a new strategic plan that would take into consideration not only the profitability of the company but also other factors within and without the company that are related to the company in one way or another.
It is my privilege to breakdown some of the adjustment that have been made as far as the management of the company is concerned (Macdonald, Amos, Crone & Wereley, 2010). Planning function of management as it relates to the organization’s goals and strategies It should be noted that the dreams of the company were almost shattered following the incident.
The plans that were prevailing prior to the incident were tempered by the tragedy and the management had to come up with new plans, goals and strategies. As mentioned above, the new goals and objective of the company were to restore the trust and at the same time resolve the environmental pollution that was caused by the disaster. The management of the company had to be shifted towards restoring he trust and rehabilitating the environment. The company also had to carry out the clean-up in the gulf coast well.
This cost the company huge amount of money. Several sectors and departments were compromised as a result of the action. The company uses approximately $20-billion to finance different sectors that were affected. A number of adjustments were made. Firstly, the dividend payments had to be suspended. Secondly, the company was also forced to sell $ 30 billion asset in the process of restoring the confidence. The company has also set up new safety and operational risk that has specialist who work alongside the management. The specialist acts as an advisor and can intervene in the event of unforeseen happenings.
The company has also engaged the expert from other sectors with vast expertise in different areas such as financial and marketing sectors. It is apparent that the vision of the company is to develop value for shareholders in a safe and sustainable manner. In this respect, the company is intending to develop groundbreaking relationship with national companies throughout the globe (Macdonald, Amos, Crone & Wereley, 2010). Analyze the influence that legal issues, ethics, and corporate social responsibility has had on management planning at BP. Just as for the case of management, the gulf coast tragedy obliged the BP Company to comply with several legal requirements.
The company had to adhere to the environmental laws. This is reflected by the tireless effort it exerts in clean-up and several agreements it signed towards environmental control and safety. The company is among the forerunners in wildlife rescue and rehabilitation. In collaboration with the United Area Command, the company has initiated comprehensive environmental testing and monitoring program. This signifies the fact that the company is not only concerned with profit making activities but also adhere to a legal requirement.
As far as social responsibility is concerned, the company has made significant efforts to ensure that it provide a significant portion to the society. Following the accident, the company devoted most of its assets and resources towards compensating the people and communities impacted. The company has also do a great deal of work in trying to develop other sectors such as tourism, education and seafood industry(Macdonald, Amos, Crone & Wereley, 2010). Analyze at least three factors that influence the companys strategic, tactical, operational, and contingency planning There are a number of factors that influence the company’s strategic planning.
The first factor is political factors. The planning of the company has to comply with government policies such as trading policies and lobbying. This is evidence by the recent establishment of the national commission on the BP deepwater horizon by the US president. Politics has a lot of influence on the functioning of the company. Social factors also has an influence as far as planning is concerned. The compensation scheme that was developed following the disaster is an example of how social factors play a part in the planning process.
Legal factors constitute another form of factors influencing planning in the company. This is because the company must comply with the stipulated laws and legislation. Examples of such laws include the environmental laws (Macdonald, Amos, Crone & Wereley, 2010). References Macdonald, I., Amos, J., Crone, T. & Wereley, S. (2010). The Measure of an Oil Disaster. The New York Times. Retrieved 28 Oct 2010 from http: //www. nytimes. com/2010/05/22/opinion/22macdonald. html