Circular Economy Use the links in the end to answer these question Q1 (Answer should be 1000 words) Imagine you are a senior consultant managing a newly formed business unit in one of the top...

11
Circular Economy
Student Name:
Course ID:
Assessor Name:
Submission Date:
Table of contents
Introduction-------------------------------------------------------------------------------3
Building blocks of circular economy-------------------------------------------------5
Reverse Cycles ---------------------------------------------------------------------------6
School of Thought----------------------------------------------------------------------8
Conclusion-------------------------------------------------------------------------------10
Reference---------------------------------------------------------------------------------11
Introduction
What is a circular economy?
There is a traditional linear economy which consists of the idea of make – use – dispose. This is how the things worked until the last decade. Since last decade, a new type of economy came into existence. This is known as circular economy. It is an alternative to the Linear Economy and in this, the resources are kept for much longer and the maximum value is extracted from the resources while it is in use and then the regenerated products and materials at the end of the service cycle are recovered
The circular economy has many benefits which include:
· Waste Reduction
· Greater resource productivity
· More competitive environment is delivered
· Better position the organisation for better resource security, scarcity issues in the future
· It helps in reducing the environmental impact on the production and consumption of resources
Building blocks of circular economy
There are 4 building blocks of circular economy that have been identified by the industries
The 4 building blocks are:
Circular Economy Design:
Organisations need to build their design in a circular manner in order to utilise the benefits of circular economy and to facilitate the product reuse, recycling and cascading. Advanced skill sets, information sets and working methodologies are utilised in the circular design. There are multiple domains which are necessary to implement the circular design which would enable the organisation to function better. They are: Standardised components, material selection, designed to last product methods, separation and reuse of products and materials and design to manufacture criteria that takes into account the possible usage of the products and the wastages
New Business Model:
Innovative business models are required which would replace the existing issue and create the new opportunities. There are multiple organisations who have large market share and capital to perform the changes in the innovation model and these companies would drive the changes in the model by leveraging their scale and vertical integration. The
ands and the volumes can play a critical role even though major and different ideas would come from the entrepreneurs. The profitable innovation model would be copied and would drive the economy business models geographically.
Reverse Cycles:
Additional and new skills are required for the cascading and the final return of the materials to the mud and back into the production house of the industries. This includes multiple stakeholders of the organisation such as, warehousing, sorting teams, risk management, delivery logistics, polymer chemistry and microbiology with cost efficiency, better quality gathering and the effective subdivision of the end of the life products. The leaks of the materials out of the scheme would reduce which would support the...