Petroleum Company British Petroleum Company (BP) is a British multinational oil and gas company. It is the third-largest energy company and fourth-largest company in the world. It is vertically integrated and operates in all areas of the oil and gas industry‚ including exploration and production‚ refining‚ distribution and marketing‚ petrochemicals‚ power generation and trading. It also has renewable energy activities in biofuels and wind power. BP has operations in over 80 countries‚ produces around
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BP – The $40billion Safety Culture Vacuum On March 23rd 2005 a huge explosion at BP’s Texas oil refinery killed 15 people and injured more than 180. Most were its own staff. The refinery had suffered safety problems before. The previous year two workers died when scalded by super-heated water that escaped from a high-pressure pipe. The British media focused on the effect of the 2005 blast: the price of oil rose by several $s a barrel. In Texas‚ however‚ the local media were outraged by ‘yet
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This paper reviews Rakesh Khurana and Nohria Nitin’s seminal article "It’s Time to Make Management a True Profession‚" in which the authors make strong suggestions for revamping how management sees itself and is seen from the outside. The review highlights the authors’ call for an ethical code among managers similar to the codes of conduct found in other professions. The review also shows the minimal requirements for an MBA‚ and recommends that business graduates pass an exam based on ethics before
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A company?s financial statements and ratios are good indicators of its performance over the years. This report specifically compares the ratios for 2004 and 2005‚ with some additional insight into 2003‚ 2002‚ and 2001. The current ratio has increased by 0.0534 from 0.9900 to 1.434. As the current ratio is a measure of liquidity and ability to meet short-term debt requirements‚ BP was more able to meet their short term debt obligations in 2005 than 2004. From 2001 to 2003 the current ratios were
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Week 4: Performance Management Plan Abstract Performance management is an essential tool for a company. It creates the opportunity for the individual success of all its employees‚ and therefore the longevity of the company to prosper. Performance management creates a point of reference for the employee to see where they stand performance wise‚ and gives the employees the insight to see where they can strengthen their productivity. The following paper will highlight
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forced-distribution and forced-ranking systems? Pros: a.) Forced-distribution systems are a way to help match company and employee performance with compensation b.) A forced-distribution system also helps managers tailor development activities to employees based on their performance. c.) The use of a forced-distribution system is a way for companies to increase performance‚ motivate employees‚ and open the door for new talent to join the company in place of poor performers. Cons: a.) Their use
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Availability bias can be somewhat confusing when information is subjective (Vozza‚ 2015). If you’re asked to evaluate your own performance relative to the performance of others‚ for example‚ most people will rate their own contribution to be higher‚ because that is the information they have most available. It is much easier to recognize Bias in people other than ourselves (Traub‚ 2013). I believe I have a strong cultural and personal aversion to self-promotion‚ this has affected me at my former
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he/she has received low performance review ratings in the past. In other words‚ the economic uncertainty is just used as an excuse to dismiss poor performers. This is unethical‚ despite written documentation that the organisation has as proof of the employee’s poor performance over time. Secondly‚ this practice is also illegal if poor performers are dismissed owing to their poor performance of the past‚ yet there was no attempt by the organisation to help their performance improve. The dismissal practice
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Performance management Performance management is the means through which managers ensure that employee¡¦s activities and outputs are congruent with the organization¡¦s goals. Some aspects of performance can be measured through performance appraisal. It is the process through which an organization gets information on how well an employee is doing his or her job. Performance management has strategic‚ administrative and developmental purposes. There are a few approaches to measuring performance
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Performance Management Plan Phase One: “Performance management is a series of activities designed to ensure that the organization gets the performance it needs from its employees‚” according to the Mathis text (319). It should effectively communicate to managers and employees the standards for performance and the organizations goals. Key Performance Areas Entry-level Positions- #3 Warehouse Associate #4 Human Resources Assistant #8 Mail-Room Coordinator
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