MGT559F Leading In A Circular Economy Assignment Sample SUSS Singapore

In the world of business, there is new hope for sustainability. The transition towards what we call “the circular economy” will create less waste and pollution while ensuring human dignity by providing jobs that can’t be automated – all thanks to an interdisciplinary approach involving managerial considerations as well socio-cultural issues such as economic policies or technological upgrades in production processes.

The rise of this philosophy has been picking up speed lately with major corporations like Apple Inc., Walmart Stores INC., Amazon Kindle DirectTV ROI3 Phils Tracy etc embracing it wholeheartedly even if they didn’t have any formal strategy behind them doing so already. It seems likely that impending regulations might make people think twice before throwing away old products just because their lifespans ended long ago, as is the norm today.

Looking for ways to be sustainable? Why not start with your trash! The concept of the “circular economy” is growing in popularity as we discover more and more waste materials that can become valuable resources. In this class, you’ll learn about leading businesses that have transformational shifts happening within their supply chains from a closed-loop system where products don’t simply end up being thrown away but rather transformed into useful things like brand-new sneakers or recycled batteries.

The circular economy is the future of sustainability. We’ll explore how to design innovative solutions and policy tools that promote this new way for our world, taking into consideration different stakeholders with their impact on what can be done now or shortly – but most importantly considering where we want humanity as a whole to fit into all these plans.

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Assignment Brief 1: Appraise the scope of a circular economy

A circular economy is an alternative to our traditional, linear economy in which we extract resources from the earth, use them to create products and goods, and then dispose of them at the end of their life cycle. With a circular economy, products and goods are recycled or reused instead of being disposed of, so that valuable resources can be kept in circulation and used over and over again.

The benefits of a circular economy are many. For starters, it’s better for the environment because it reduces waste and lowers our reliance on finite resources. It also makes economic sense because it saves businesses money by reducing their need for new raw materials. And finally, it creates jobs in the recycling and reuse sectors.

All in all, a circular economy is a more sustainable, efficient, and equitable way of doing business. And as the world increasingly moves toward this model, it’s important to understand its scope and potential.

Assignment Brief 2: Verify the role of the circular economy in transforming supply chains to enhance business operations

The role of the circular economy in transforming supply chains is to make business operations more efficient and sustainable. 

A traditional linear economy relies on a take-make-waste model, where raw materials are extracted, manufactured into products, used, and then thrown away. This system is not only wasteful – it’s also increasingly expensive and damaging to the environment. 

In contrast, a circular economy aims to keep resources in use for as long as possible. Products are designed for longevity and repairability, and waste is seen as a valuable resource to be recycled back into the system. 

There are many benefits to adopting a circular economy approach. For businesses, it can lead to reduced costs, lower emissions, and a more resilient supply chain. For society, it can help to reduce waste, conserve resources, and create jobs. 

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Assignment Brief 3: Evaluate the best practices in a circular economy

There is no one-size-fits-all answer to this question, as the best practices in a circular economy will vary depending on the specific industry and sector. However, some general principles can be applied across different types of businesses.

The first principle is to design products and services that can be easily reused or recycled. This means thinking about the entire life cycle of a product, from manufacturing to the end of life. For example, using reusable or recyclable packaging materials can reduce waste and help close the loop on resources.

The second principle is to optimize resource use throughout the supply chain. This involves minimizing raw materials consumption and maximizing efficiency in manufacturing processes. For example, using lean manufacturing techniques can help reduce waste and increase efficiency.

The third principle is to focus on reuse and repair rather than disposal. This means designing products that can be repaired or refurbished instead of being thrown away. For example, offering a warranty or repair service can extend the life of a product and reduce waste.

Assignment Brief 4: Examine the enablers, barriers, and principles of a circular economy

A circular economy is an alternative to the traditional linear economy, in which resources are used once and then discarded. In a circular economy, materials are reused and recycled, limiting waste and environmental impact.

There are numerous enablers of a circular economy, including technological advances that make recycling easier; policy changes that incentivize or mandate recycling; and increased public awareness of the benefits of reducing waste. Barriers to transitioning to a circular economy include lack of infrastructure for recycling; the resistance from businesses comfortable with the status quo; and overcoming consumers’ desires for cheap, disposable goods.

Principles of a circular economy include “design out” waste and pollution, keeping products and materials in use, regenerating natural systems, and focusing on the well-being of people and communities. Implementing these principles can help to create a more sustainable and efficient economy that benefits everyone.

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Assignment Brief 5: Assess various business models in a circular economy

A circular economy is an economic system in which waste and pollution are reduced or eliminated. The goal is to use resources more efficiently and minimize environmental impacts. Many different business models can be employed in a circular economy. 

One such model is the sharing economy, in which individuals or businesses share resources instead of each owning them outright. This could involve sharing cars, apartments, office space, or even tools and equipment. The benefits of the sharing economy are that it reduces consumption and waste, while also making better use of existing resources. 

Another model that can be used in a circular economy is the concept of product-as-a-service (PaaS). This involves selling access to a product or service, rather than selling the product itself. For example, instead of selling a car, you could sell a monthly subscription that allows someone to use a car for a certain number of hours per month. The benefits of PaaS are that it encourages customers to use products more efficiently, and it can help businesses to reduce waste and environmental impacts. 

Assignment Brief 6: Recommend policy tools and business strategies for leading circular organisations in a future-forward manner

There are several policy tools and business strategies that can help organisations move towards a more circular model.

One key policy tool is extended producer responsibility (EPR). This policy creates financial incentives for producers to design products that are easier to recycle or reuse. Many countries have already implemented EPR policies for certain product categories, such as electronics or tires.

Another strategy for moving towards a circular economy is closed-loop manufacturing. In this type of manufacturing, end-of-use products are returned to the manufacturer to be reused or recycled into new products. This helps to avoid waste and reduce the need for virgin materials. Closed-loop manufacturing is often used in the electronics and automotive industries.

Finally, product service systems (PSS) are another strategy that can be used to promote a circular economy. In a PSS, businesses provide customers with access to a product, rather than selling them the physical product itself. This can help to extend the life of products and reduce waste. For example, instead of selling cars, a car-sharing service would provide customers with access to vehicles on an as-needed basis.

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