BP Business Report Sample

Table of Contents

  • INTRODUCTORY STATEMENT
  • HISTORY
  • MISSION, VISION AND VALUES
  • SPECIFIC PROJECT
  • APPLYING THE PROJECT MANAGEMENT PROCESS
  • ALIGNING THE STRATEGIC VISIONS WITH THE GOAL
  • FINANCIAL FORECAST AND COMPLEMENTING IT
  • QUALITY AND COMPLIANCE CONTROL
  • References

 

INTRODUCTORY STATEMENT

 HISTORY

BP is a multinational gas and oil company headquartered in London, UK. BP falls under the category of the world’s super majors and serves over 80 countries worldwide including New Zealand. BP is the world’s fifth largest oil and gas and energy company by capitalization of market and gets the world’s 12th largest revenue (Todorović, 2015). It operates in all the areas of oil and gas industry including production and exploration, refining before marketing and distribution, power generations, petrochemicals and training. BP produces around 3.7 billion barrels per day of oil equivalent and had total reserves of 19.945 billions of barrels (bp, 2019). The company has a total of about 18700 service stations worldwide including New Zealand. The stations not only serve fuel but also have shopping malls and food courts to serve the daily necessity of the customers (Clarizen, 2018). The company is involved in several safety and environmental incidents. The total number of employees working with BP is 73000 approximately.

MISSION, VISION AND VALUES

BP does not have any official mission statement but provide several statements on basis of what they do, what they stand for and what they value. These three factors put together explain the mission, visions and values of the company. 

Objectives – The Company finds, develops and produces several essential sources of energy. These sources are turned into products and then served to the customers. The need of energy has been increasing daily worldwide. This energy in its various forms is always important for progress of the mankind everywhere (InLoox, 2019). The objective of the company is to provide the customers the same with high standards.  The company aspires to be a safety leader, an operator who is world-class, a corporate citizen with good values and a company who is also a great employer. 

Vision – The Company stands for excellence and safety in their operations. They consider it to be fundamental for their success. The approach of the company is based on respect, having the courage to the correct thing and being firm. The determination of the company is to learn and do things in better way. The company have the determination to build long lasting relationship with the customers and employees by developing and implementing the best technology (Cambrian Fuel Card Services, 2018). BP strives to make a real difference in providing the energy the world needs standing on this date. 

Mission – The main values of the company are safety, courage, excellence, respect and one team. These combinations are few statements of the company to make one statement. Although this is not an officially declared mission of the company, but these are the true characteristics of good vision, mission and values that the company adheres to and run their business strategies (Jurevicius, 2013).

SPECIFIC PROJECT

As the company strives to be the leading producer of energy worldwide, it can take up and frame policies to serve biodiesel throughout the nations worldwide. Pollution is a major concern of the entire mankind these days throughout the world. The rate of pollution is increasing day by day. Several countries including New Zealand are trying to cope up with this problem, by shifting to other renewable sources of energy. Ecological balance can be maintained by shifting to other forms of energy (Kelly, 2018). Biodiesel can be a good replacement for other types of fuels available in the market. Thus, BP can increase its productivity and brand image by choosing the supply of Biodiesel in and around countries. As has been discussed before, the company is already involved in several safety and environmental incidents (Kelly, 2018). Thus shifting to the supply of bio fuel will help the company to stick to its own involvements. Most of the emissions from vehicles add to the problem of air pollution. This problem can be mitigated by the use of bio fuel and with its huge number of service stations worldwide; the company can bring a major change in the world. Moreover, bio fuel not only reduces the rate of air pollution, but also enhances less emission of green houses gases. Bio fuels eliminate less quantity of carbon into the air thus saving the earth from more global warming. BP’s contribution to the world will be sky high if it shifts its objective to supply eco-friendly gases and forms of energy (Rinkesh, 2019).

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 APPLYING THE PROJECT MANAGEMENT PROCESS

Project management process is one of the most critical tasks of any project as this forms the core process connecting the all other processes and activities involved in implementing a project. This is an administrative process to control and plan the services necessary to execute a planned project (Rinkesh, 2019). In this case the project management process of BP will include the framing of policies and strategies that the company have to undertake for the successful supply of bio diesel throughout the countries where it forms a major part of supplying energy in the form of oil production and gases (Jurevicius, 2013). The process should begin after the customers’ approval is received.  This process requires a specific configuration including the documentation of project management, the methods involved in it, and the exchange of information regarding individual projects, project meetings and workshops related to the projects (InLoox, 2019). The five phases of project management process are 

  • Introducing a project – The first phase gives an explanation about the concept of the project that will be undertaken. This is a relatively broad definition of the project. It also explains the feasibility of the project and that in turn will determine the response of the stakeholders on this project. The stakeholders in general use two methods two decide whether to respond to the project or not (bp, 2019). First, the business case document will decide whether the project falls in the same line of the organizational needs. It also determines the benefits of undertaking the new project and a budget of potential profit the company can have an access to. Second, the feasibility study will determine the sustainability of the project. This will gather information on the availability of resources to complete the project. Thus it is judged on the basis of cost and timeline through this second method and gives an idea about the longevity of the effects that will be gained through the successful completion of the project.
  • Planning the project – Project planning requires the planning of execution of the project in great depths. The plan of starting, executing, monitoring and finishing the project is chalked out keeping in mind the minute details. The depth of project requirements and project goals are also created. The project managers have to perform the best of their duties in this phase. Planning the project includes explaining the project’s scope, identifying the necessity, fixing the timeline for finishing the project, organizing a schedule of work flow and gathering of necessary resources (InLoox, 2019).
  • Realizing the project – This phase defines the stage of creation. This is where the planned project is executed and turned into tangible deliverables. A kick-off meeting has to be arranged to give a briefing of the project execution process to the entire workforce and thus each team member will get to know the expectations of the company from them (Rinkesh, 2019). Realizing the project includes creating task strands for each individual, using the acquired resources, assigning job responsibilities to the team members, providing the delivery of services or products within the proposed time frame and updating the progress of the project.
  • Controlling the project – The project manager plays a key role of connection between the team members who work on the project and the stakeholders. Stakeholders have to be kept updated about the day to day progress of the project. This need minute scrutiny of the ongoing activities. The manager has the sole responsibility of monitoring the details and controlling the project activities (Wilmac, 2019). There are several Key Performance Indicators (KPIs) that can be used in monitoring a project. A project progress depends on adherence to time and costing. These information help the managers to keep the stakeholders updated.
  • Analysing the project – This part will ensure the analysing and assessing the project and take it towards the closure. This happens after the final deliverables have been supplied. This stage of the project management process will give an overview of the success of the project to the team members, managers and the stakeholders. In short analysing indicates analysing the success of the project and determines the lessons that had been learnt during the entire project management process (Clarizen, 2018).

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 ALIGNING THE STRATEGIC VISIONS WITH THE GOAL

People often have to face issues being involved in the project management process. These issues are more than often related to setting the goals of the project and its execution. The important aspects and demands of the project have to be realized. The leader of BP has to take initiatives to ensure the successful supply of bio diesel in the operating countries (Clarizen, 2018). In this process it will be seen that the work tile is huge but the time is limited. This is where learning to set project goals becomes necessary for the successful completion of the project. The goals of project management involve:

  • Developing and implementing successful project procedures – A project involves five distinctive phases of introduction, planning, execution, monitoring and analysing, irrespective of its size, as has been discussed in the above section (Rosemann, 2014). The uninterrupted progress of the project ensures the successful completion. Thus BP has to ensure that the five phases of project management is well implemented to initiate the service of bio diesel to the consumers.
  • Appropriate supervision, effective communication and useful support – The success or failure of a project is solely dependent on teamwork and co-operation. Unity is the key word to ensure success in executing and implementing a project with effective deliverables. This would only be possible if the workforce gets proper guidance and support from the leader or manager. Effective communication is also necessary to avoid any internal glitches (Intertek, 2019). Dilemmas can be removed by a proper establishment of communication between the managers, employees and stakeholders. Moreover, supervision by the managers of leaders is necessary to keep a check on the activities of the employees as well as to determine the progress.
  • Achieving the goal irrespective of the presence of constraints – The main constraint is of the limited time frame. It is necessary to understand the scope within that available time (Wilmac, 2019). However, one cannot rush in the delivery of the products or services to maintain the quality of the service and that too within the scheduled budget estimation. 
  • Optimizing the allocated resources – The resources that have been gathered have to be used optimally to get the maximum output. They will help to achieve the pre-determined objectives of the project giving space to improvement and development. However, processes can be reframed and upgraded as per the necessity of the situation. That would help to maintain the sustainability of the project (Hornstein, 2015). This in turn will assist the team to lead through the strategic change process.
  • Producing a complete project to meet the consumers’ needs – This might often require reframing the client’s way of thinking. They need to be communicated and the project’s objectives might have to be negotiated to modify them into sustainable goals. Meeting the expectation of the client not only makes them happy but also results in an effective collaboration. This helps in removing sudden surprises that arrive during a project and also helps in ensuring the sustainability of the business status in the future (Clarizen, 2018).
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Therefore through the discussion it is clearly understood that BP needs to identify the important, then set critical goals, share and communicate the goals, develop an action plan, and have to keep the project on track to finally deliver high quality of bio diesel to its consumers spread throughout the country as well as in the other stations present in several other countries except New Zealand (Cambrian Fuel Card Services, 2018). BP as an oil and gas producing company has to know and understand the demand of bio fuel in its customers and then plan the innovation strategy to implement the same.

Internal and external stakeholders

Internal- The internal stakeholders of the company BP for the project of biodiesel are the project manager, team members and human resource (Jurevicius, 2013). The role of internal stakeholders is to carry out the project in a proper manner. In addition, the internal stakeholders are also responsible for developing a suitable plan through which the project can be completed within the mean time.  

External- The external stakeholders of the company BP mainly include the sponsors, investors and suppliers. The roles of external stakeholders are to provide funding and required raw materials for completing the project. 

FINANCIAL FORECAST AND COMPLEMENTING IT

Activities

Expected
cost

Cost
Breakdown

1.      Recruitment

$200

Cost for hiring the skilled employees for the
project

2.      Team
development

$500

Cost for developing the team in order to do the
project

3.      Providing
training

$300

Cost for training and development

4.      Gathering
resources

$400

Cost for collecting materials

5.      Using
technology

$1000

Cost for selecting and implementing technology

6.      Quality
check

$600

Cost for checking the quality

7.      Risk
assessment

$200

Cost of analysing the risk

8.      Advertisement

$800

Cost of promoting

Total

$4000

 

Recruitment- For the project of biodiesel plant, the company BP must try to hire the employees who are skilled enough in order to initiate the project. In addition, the recruitment process must be monitored by the project manager of the company BP in order to hire the skilled labours that have the knowledge of checking the quality of fuel (Hornstein, 2015). On the other hand, the company has invested $200 for the development of recruitment process. 
Development of team- In order to develop the team, the project manager must try to use the collaboration strategy. With the help of collaboration strategy, the project manager will be able to cooperate with the team members (Rosemann, 2014). In addition, the development of team will further help the company to plan and work with the project in an effective way. The company has spent $500 in order to form an effective team for the project of biodiesel. 
Training- It is the responsibility of the Human resource department to analyse the requirement of training for the team members. By providing training to the team members, the team members will be able to develop their strengths so that the project can be delivered within the specific time (Clarizen, 2018).   
Resources- The company has spent a near about $400 in order to collect quality raw materials. The good quality of raw materials will help the project manager to complete the project within the mean time.  
Technology- The Company BP has spent $1000 for using the latest technology in order to develop the project of biodiesel. The latest technology will help the project members to implement new tools for checking the quality of the biodiesel fuel (Todorović, 2015). Moreover, it will also help the project members to develop their working speed as well.  
Quality control- The project manager of the company BP has used the TQM factors of quality control in order to check the quality of the biodiesel. In addition, the TQM factors will also help the project manager to analyse that the project will be delivered with good quality or not. 
Risk assessment- A risk management plan has also been used by the project managers in order to mitigate the risks (Kelly, 2018). In addition, the company BP has spent a near about $200 for analysing and mitigating the risks of the biodiesel project. 
Advertisement- For promoting the biodiesel project, the project managers of BP must try to use a proper promotional strategy. The company has spent near about $800 in order to promote the plan throughout the country. 

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This is a sample  report Of BP Business From our experts get your report right now

QUALITY AND COMPLIANCE CONTROL

Quality Control

Quality control is the process of maintenance of standards in manufactured products and services by sample testing an output against the specification. It focuses on the fulfilment of quality requirements. In an oil and gas industry quality control is specifically dependant on the type of oil being delivered at a minimum rate of cost (InLoox, 2019). Application of the quality control techniques in an oil firm depends on implementation of best quality of oil supply machines, increasing the number of service stations and lowering the cost of oil. While maintaining quality control and framing policies for the same, BP has to keep all these aspects in mind. Moreover, it is advantageous to communicate with the customers and know their demands. The ultimate consequence of quality control is satisfaction of the customers. 

BP as an oil and gas industry firstly need to establish more service stations and increase more branches to reach out to more customers and spread its own network (Cambrian Fuel Card Services, 2018). More number of service stations will automatically attract more number of customers. 

The Company can also lower the price of the fuel as per the government regulations. This would ensure satisfaction of the customers in every possible way and they would put out BP over any other competitors. This would not only increase the customer satisfaction, but will also increase the limit of profit of the company (Rinkesh, 2019). Both ends of quality and business development will be met.

Quality control laboratories should be established to ensure the quality of petroleum, gas and similar other products. These would provide the delivery of the best quality of oil and equal supplements BP Business Report Sample. This will be performed to accept the standards of the industry and maintain a healthy relationship with the customers (Intertek, 2019).

Implementing the supply of biodiesel will be held as a major step by the company towards quality control. Bio fuel is considered to be eco-friendly. Its value and quality is automatically more than other oil and gas products. This would enable the company to control its limit of contribution in pollution and global warming (Clarizen, 2018). More supply of biodiesel among the consumers mean less emission of carbon and its similar elements in the environment. It is because most of the air polluting gases is often emitted from vehicles. Thus supply of biodiesel will allow the company to lower its contribution in pollution and would enlist its name among the pollution control companies BP Business Report Sample. This would be a major leap of the company in its quality control process.

Another aspect of quality control is the availability of fuel card for the consumers. Fuel cards have a lot of benefits and allowing the use of fuel card not only ensures quality control but also do a great contribution in the field of cost management. This is because these cards remove the need of having sufficient cash. It can also reduce the need of keeping working admin at each service station (Intertek, 2019). The card promotes the policy of “self-help is the best help.” Fuel cards can keep a control over the company and its sales. It also provides flexibility to forecourts. It allows both the company to make choices over purchasing the product. It can be done both through cash or card. BP Business Report Sample People also can choose whether to take help of an employee from the station or to fill the fuel on the person’s own choice. It makes the payment process safe and secured. Fuel cards offer rewards and points to the customer and thus encourage them to make transactions through them. Monthly reports can be obtained by promoting fuel cards and thus it makes the job of the employee easier and comfortable (Cambrian Fuel Card Services, 2018).

Compliance Control

A series of guidelines and policies enacted for the cause of guiding employees and directors about the code of the company and ensuring that they maintain adherence to the laws is called compliance control. It ensures smooth running of the business giving space to the ethics and values of the company as well. Compliance control is basically of two types- internal and external control. Internal control of compliance means framing policies and codes within the organization as per their own rules and regulations. External control of compliance means framing policies by the influence of some outer bodies (Kelly, 2018) BP Business Report Sample.

Internal Control

Skills of management forms a major part of compliance control. These skills define the quality and compatibility of an executive from the company to complete a specific task. Therefore BP as an oil and gas industry should have an executive body with skills of management to complete the service of supplying biodiesel to the consumers (Todorović, 2015). Management skills often help to avoid crisis and even if they arise they can be mitigated through execution of proper management skills. The several types of management skills are conceptual skills, human or inter personal skills and technical skills BP Business Report Sample.

Among these skills technical and conceptual skills is necessary for an innovating project like supply of a new type of fuel. This is because conceptual skills help in abstract thinking and formulating policies. Supply of a new product requires both of these factors to be implemented in a balanced way. On the other hand, advanced technology will provide better and faster execution of the plan and finally faster delivery of the new service to the consumers. BP Business Report Sample Part of advanced technology in an oil firm includes latest fuel delivery machines and supply of fuel card to the customers as well (InLoox, 2019).

External Control

External control as discussed is the influence of an external body in formulating the policies of a company. This always brings in mind the subject of government control and regulations for the companies. For example, even if BP needs to lower or higher the price of their supply, they have to do it by having adherence to the price fixing policies of the government BP Business Report Sample. They cannot deviate from the limitations that have been fixed by the governing body. The government policies are often regarded as an obstruction for the development of privately owned companies (Wilmac, 2019).

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References

bp. (2019). Products and services. Retrieved from www.bp.com: https://www.bp.com/en_nz/new-zealand/home/products-and-services.html

Cambrian Fuel Card Services. (2018). TOP TEN BENEFITS OF FUEL CARDS. Retrieved August 1, 2019, from https://www.cambriancards.com: https://www.cambriancards.com/top-five-benefits-of-fuel-cards/

Clarizen. (2018, September 21). What Are the Five Stages of Project Management? Retrieved July 1, 2019, from https://www.clarizen.com: https://www.clarizen.com/what-are-the-five-stages-of-project-management/

Clarizen. (2018, March 17). What Are the Objectives of Project Management? Retrieved August 1, 2019, from https://www.clarizen.com: https://www.clarizen.com/objectives-of-project-management/

Hornstein, H. A. (2015). The integration of project management and organizational change management is now a necessity. Retrieved from www.sciencedirect.com: https://www.sciencedirect.com/science/article/abs/pii/S0263786314001331

InLoox. (2019). Project management process. Retrieved August 1, 2019, from https://www.inloox.com: https://www.inloox.com/project-management-glossary/project-management-process/

Intertek. (2019). Quality control laboratory testing for petroleum, fuels, chemicals, gases, and other products. Retrieved August 1, 2019, from http://www.intertek.com: http://www.intertek.com/petroleum/qc/

Jurevicius, O. (2013, September 14). Mission statement of BP. Retrieved August 1, 2019, from https://www.strategicmanagementinsight.com: https://www.strategicmanagementinsight.com/mission-statements/bp-mission-statement.html

Kelly, M. (2018, July 15). Compliance 101: Defining a Control. Retrieved August 1, 2019, from http://www.radicalcompliance.com: http://www.radicalcompliance.com/2018/07/15/compliance-101-defining-control/

Rinkesh. (2019). Advantages of Biodiesel. Retrieved August 1, 2019, from https://www.conserve-energy-future.com: https://www.conserve-energy-future.com/advantages_disadvantages_biodiesel.php

Rosemann, M. &. (2014). The six core elements of business process management. Retrieved from link.springer.com: https://link.springer.com/chapter/10.1007/978-3-642-45100-3_5

Todorović, M. L. (2015). Project success analysis framework: A knowledge-based approach in project management. Retrieved from www.taylorfrancis.com: https://www.taylorfrancis.com/books/e/9781315585741/chapters/10.4324/9781315585741-15

Wilmac. (2019). Regulatory vs. Internal Compliance. Retrieved August 1, 2019, from https://www.wilmacco.com: https://www.wilmacco.com/solutions/financial-compliance/trade-regulations/regulatory-vs-internal-compliance

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