BUSI 2053 Business Ethics, Yorkville University, Canada
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Abstract: This report is about the simulation project of deep water. Mainly, the basic objective of this paper is to explore the challenges faced by the workers during the conduction of this plan. This report will actually provide insights about the resolution of ethical issues faced by the team members. Besides this, the reasons due to which the plan could not be successful for the first time are also reported with the modified strategy. It should be noted that due to rigidity of the initial strategy the workers were not able to apply the policy for the resolution of ethical concerns
Introduction: This financial report is mainly about the process of simulation and its four stages for the Deepwater hydro simulation project. After the operations of four rounds, the overall performance of the team is not according to the expectations. Mainly, the loss of the amount in this project is very much greater due to the high expenses of the operations. In this hydro simulation project, mainly four teams have been formed, and they allhave been suffering from the worst conditions. It is because all of the team have been possessing a very much low profitability ratio.
In actual, there had been facing a lot of issues in the conduction of plans which were not appropriately tackled, and, in this regard, the revenue of team B almost reached 245.5 million dollars while the loss was mainly about $125.4M. Though there had been present a lot of problems in this plan but one of the most significant beneficent aspects in this regard is about the long-lasting debts of the budget which are present in the form of liabilities. The liability ratio of almost about 85%, while the loss of assets is about 65%. It has been observed that all of the teams in this plan have shown negative performance and the main reason in this regard is considered as the economic pressure of the markets.
Question 1: A discussion of the ethical challenges you confronted.
Answer: Ethical Challenges: A variety of ethical issues have been faced by these teams due to which they were not able to show suitable performance, thus increasing the overall budget of the whole plan. It has been clearly depicted in this report that what type of physical and technical issues were actually being faced by team A. Mainly, movement in the depth and formation of short and long-termed advances at the same time was a difficult process because the team was not aware of with the tactics of professionalism (Lee, Jayasinghe, Truong, & Cho, 2016).
Another issue in this regard faced by the team was about the maintenance of equilibrium for the instigation of the process. It can be stated that the use of technology and modern skills were lacked due to which operating of mooring systems, installation, repairing, and other related tasks became highly difficult. This not only generated high costs but also wasted a lot of time. It is because the balancing between the environmental and social needs was not sustained (Liu, Ranjith, Georgi, & Lai, 2016).
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The third issue was actually related to the security and the completion of the project. Mainly the safety issues were concerned with all members of the groups. It is because, without any type of specific safety measures, the team was supposed to work. There were chances of gas and oil spills during the procedure of simulation. There could be generated any type of atmospheric disaster. Every team member was fearful of the situation because no one knew the appropriate techniques due to which they could appropriately tackle the situation and the spilling disasters (Munaaim, Hamidin, & Ayob, 2016).
Question 2: How you prepared your strategy and how you changed your strategy throughout the simulation
Answer: Preparation of Strategies: Well, the beginning strategy for the practice of round revenue generation was mainly dependent upon the production capacity of the plan. Besides this, another contributing factor in this regard was the handling capacity of the teams. In case the teams would have been able to manage the performance of the plant, they would have been able to generate more revenues. It could not be possible due to the presence of the number of ethical issues in the plant (Vandormael, et al., 2016). Well, there was needed a new strategy for the generation of the revenue, which could be able to combat all the issues present on the site.Besides this, the costs of the plan were continuously increasing than the planned revenues because of the net loss for the company in all four stages of the simulation process. It can be stated that the previous or the initial strategy was rigid in nature and due to which it was not able to transform according to the circumstances (Noe, Hollenbeck, Gerhart, & Wright, 2017).
Transformation of Strategies: The experiences and net loss in the revenues suggested designing a new strategy for the generation of the costs of the plant. In this regard, there was needed a flexible framework, and In this regard, the whole system had to shut down and must be restarted from the initial step. In this regard, there was a possibility to gain benefit from the net income and to isolate the margins of loss and profits. First of all, all the concerns and the ethical issues were needed to be addressed faced by the team members. The specific type of skills was required in order to tackle the technical and chemical problems in the long run.
Basically, the new strategy formed, first of all, included the cost-effectiveness and time-saving of the project. It is because the project was already delayed as it was restarted from the initial, and thus, decreasing expenses of the projects solely, skills were adjusted in the way that the plant could be run in the most appropriate way. It must be noted that the redesigning of the strategy though, included a great amount of money but still, it was beneficent for the progress of the plan. This new transformed included flexibility where all of the members of the team learned about the specific skills. Thus, handling of all the aspects and fields on the plant became easy. Besides this, the cash flow margins were set as the operating margins and depreciation expenses of the plant.
It must be noted that the cash, all related assets, long term assets, contingent, and total liabilities as a whole maintain the amount of 2,689,7 dollars. This net worth was relatively higher than the amount for the initial strategy, but the preparation of the backup plan mainly provided the safety of the workers and thus resolving the ethical issues related to the spilling of oils and gas.
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Question 3: Your view on the effectiveness of Deepwater in learning about ethics in business.
Answer: Effectiveness of Deepwater Learning: It must be noted that the equipment used in the modified strategy has a citation index of 1267 with the value of BOP service life about 8, BOP rounds in services near about 4. Besides this, for the control of pollution, the type of equipment used was easy to use because it belongs to type A. The on-rig crew count has been observed to be 85 while the off-rig number of the workers who were injured were almost 2. Basically, it can be stated that the plan overall remained successful as the price of the crude oil stock nearly remained constant, and it was not much higher. This strategy also contributed to the reduction of global warming and it can be stated by the estimation of the footprints of carbon dioxide. Mainly, the emissions of the carbon dioxide from the company have been found to be 59,460 tons while the amount of carbon dioxide which had been loaded y crude oil was about 1556754 tons. Thus, the total amount of footprints of carbon dioxide has been found to be 1616244 tons. It must be noted that the net income of the project by the application of the new strategy has been almost 219.3 million dollars.
Ethics in Business Evaluation: The most significant ethic that was included in the business evaluation was about the management of atmospheric sustainability. Because the chemical plant mainly focused on the emission of carbon dioxide. Besides this, the second ethical consideration included was about the safety of the workers that were maintained by the company. The third ethical consideration included in the case study was about the appropriate maintenance of the costs, and the number of injured workers decreased. Besides this, the preparation of the backup plan is another ethic that is related to this report.
Conclusion: This financial report is mainly about the process of simulation and its four stages for the deep-water hydro simulation project. Mainly, the loss of the amount in this project is very much greater due to the high expenses of the operations. In actual, there had been facing a lot of issues in the conduction of plans which were not appropriately tackled, and, in this regard, the revenue of team B almost reached 245.5 million dollars while the loss was mainly about $125.4M.
Mainly, movement in the depth and formation of short and long-termed advances at the same time was a difficult process. It can be stated that the use of technology and modern skills were lacked due to which operating of mooring systems and installation. In order to resolve all these ethical issues, the already present strategy was inappropriate to combat these issues; therefore, a new flexible strategy was formed.
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