Managing Operations and the Supply Chain
Introduction
The success of any business or organization is dependent on its ability to adopt key strategic goals and principles to achieve them as well as sustain its economic, social and environmental performance. Different economic models are adopted to promote the chances of achieving the organizational needs as well as supporting positive performance; however, organizational leaders must have the ability to select the appropriate model. The circular economy model is one of the most adopted model and seeks at economic activities that builds and improves the social systems by focusing on the positive society-wide values (Jawahir and Bradley, 2016). The model further encourages shaping the economic activities from the continued use of finite resources to the adoption of waste management approaches to achieve social benefit within the society. According to Geisendorf and Pietrulla (2017), the circular model encourages reuse or resources to achieve zero waste rather than linear consumption. Additionally, the success of this model in organizations is based on the idea that it helps in the creation of long-term resilience as well as business opportunities that has environmental and societal benefits. Thus acknowledges the society role in the organizational success. The model is based on four key principles which provides the basis for ensuring the achievement of the desired objectives.
(I.C. RS 8443)