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Gm545 - Research Project

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GM545 - Research Project

Prof. M. Peterson

What is meant by “triple bottom line”? The “triple bottom line,” which can be abbreviated as TBL or 3BL, which is also known as people, planet, profit or "the three pillars.” UN standards apply to natural capital and human capital measurement to assist in measurements required by TBL. TBL is it important? Because the TBL is made up of "social, economic and environmental" factors. These factors are made up of "People" which business practices towards the labor that is put out and the communities where a business is established. You have a social structure which stakeholder interest is all-interdependent. "Planet" which are natural capital and refer to the environmental practices. TBL when related to nature fit the natural order and ensures no harm to the environment. A TBL reduces ecological footprint, carefully managing its consumption of energy and non-renewables and reducing manufacturing waste as well as rendering waste less toxic before disposing of it in a safe and legal manner. A TBL company won’t produce harmful/destructive products such as weapons, toxic chemicals or batteries containing dangerous heavy metals that will cause environmental damage. "Profit" the economic value created by an organization which deducting the cost of all inputs, including cost of the capital tied up. TBL is the economic impact the organization has on its economic environment. That can be confused to be limited to the internal profit made by a company or organization. TBL approach cannot be interpreted as simply traditional corporate accounting profit plus social and environmental impacts unless the "profits" of other entities are included as a social benefit. (Timothy F. Slaper) How does TBL work? TBL works by measuring our worlds impacts across large the geographic boundaries or geographic scope…...

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