The,Contents,Oil,Scorecard,oil business, insurance The Contents of an Oil Scorecard
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An oil refining scorecard is a representation of key performance indicators just like any scorecard. This is an approach of management that is driven by numbers numbers that impact the business performance not only in terms of productivity but also in terms of quality. These metrics that are incorporated in the scorecard are translated to how profitable the oil company is.Profitability is not the only thing that is measured in every business. In 1997, the Environmental defense developed ways to rank oil companies based on factors that will affect the environment. This took into consideration hazardous elements that are being dumped in the ecosystem. Thus, one of the main components of this type of scorecard is waste disposal. To rank high among the others, an oil company must have less waste. This means that the common by products of an oil company must be recycled or used for other purposes.This means people who run oil companies must think of their oil refining methods. This may pose extra expenses to the company since there will be a need to upgrade machines and processes. A good refinement system results to lesser wastes. Also, it is a given that with this effective process, the amount of pollution is also reduced. Pollution is also a key indicator of an oil business. The way this is measured is through the amount of toxic waste disposed in the land, air, and water. This is not limited to common toxic wastes such as carbon and sulfur but also to other materials that are generally harmful to the environment.Other than the toxic wastes of the product itself, one way of measuring of how effective an oil company is being managed is through its logistics. Logistics involves the transportation of a product from its status as a raw material to the how it is delivered to the consumers. No matter how good a product is, there is no value to it if the customers do not know that it exists. And even if the customers are aware of its existence, there will be no essence if the product itself is not available.In relation to his is geological hazard. Obviously, oil companies must meet certain standards that aim to protect the environment. One thing that will be scrutinized in oil companies is how they are making contributions to the development of the environment, not how they are destroying it.Of course, as in other industries, the ultimate measurement of an oil companys production is through its revenue. This is the part of a scorecard that everybody should look into. All efforts will be in vain if no profit is seen. Sometimes, efforts do not really equate to success. The goal here is to maximize minimal resources into profitable outputs.In essence, an oil scorecard may be classified as a different breed of measuring key performance indicators. What may seem as a good action plan or business plan may not be suitable to act on since this does not meet certain criteria in the recommended standard.
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