The Triple Bottom Line Objectives

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The Triple Bottom Line is described as utilizing measures of social, economic and environment in determining the success of the company (Milne, Tregigda & Walton, 2003). The idea comes from the realization that "what gets measured, gets done." Initiating best practices in the Georgia factory will help Riordan to achieve its Triple Bottom Line objectives. The idea also comes from the understanding that the company has an obligation to manage all of its outputs, including its obligations to a range of external and internal stakeholders (Norman & MacDonald, 2004). An integrated approach can help in guiding the development of best practices (Hubbard, 2006). The first best practice that should be initiated is going to be to minimize waste at the receiving stage. This means having accurate systems for forecasting demand, and only ordering what the company needs. A just-in-time inventory system will allow the company to minimize waste, by minimizing the amount of excess inventory that is ordered. Reducing inventory not only reduces wastes, but also reduces costs. With a new plant, the cost of implementing such a system is relatively low, and there is a shorter learning curve for the employees. Thus, the benefits outweigh the costs. This system will help to reduce waste, thereby aiding the company to achieve not only its economic objectives but its environmental objectives as well. The second best practice is to develop a fair system for hiring employees and for evaluating
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