OPERATIONS AUDIT: DISCUSSION ASSIGNMENT WEEK 7

8 AREAS OF WASTE

An organization is the collection of structures, processes, and people working collaboratively to pursue a mission and achieve business goals. While organizations aim to pursue their missions and goals by adhering to principles of efficiency and effectiveness, many suffer various degrees of dysfunction during day-to-day operations. These issues can result in the erosion of stakeholder value up to the point of insolvency, but internal auditors can support management efforts and curtail these dynamics from taking hold by anticipating problems, reviewing current dynamics, and making recommendations for improvement.

Waste is anything done or acquired that is not required to successfully complete an activity or support a process. Waste manifests itself in many ways, often resulting in higher time consumption or underutilized financial resources. The Eight Areas of Waste Model provides a simple methodology to identify actions and items that reduce the value obtained from available resources. The model can be used as a diagnostic tool, as one of the elements used during the development of audit programs, and as a memory jogger when outlining the benefits expected from recommendations (Murdock, 2017).

DISCUSSION FORUM ASSIGNMENT

PREPARE AN "ELEVATOR PITCH" TO EXPLAIN TO SOMEONE (OR YOUR CLASSMATES) THAT THE REDUCTION OF WASTED RESOURCES IS A KEY TO BUSINESS SUCCESS.

Please provide your answers with a minimum of 200 words and a maximum of 400 words. Please use the link Please observe proper citation and use APA format 7th edition.

FOLLOW THESE INSTRUCTIONS:

(1) INDICATE YOUR FULL NAME AND STUDENT NUMBER at the end of your post

(2) IF YOUR POST IS MORE THAN 300 WORDS, PLEASE SPLIT IT INTO TWO OR THREE POSTS. The 2nd and 3rd posts will be posted as a reply to create a THREAD-like conversation.

(3) REPLY TO AT LEAST THREE of your classmates' perspectives to the best Es that impacts an organization. PLEASE MAKE A SUBSTANTIAL REPLY. Any reply without substance will not be graded.

Cut-off date in posting to this discussion forum is until December 13, 2021 11:59PM Philippine Time.

NOTE: Do not create a new question in the Discussion Forum here. Please answer directly on the discussion link posted by Prof. Markie Grabillo.

Comments

Leila Lauren CarlosDecember 8, 2021 at 10:13 AM
Hi! I am Leila Lauren, from Accountancy Department and if you are an aspiring successful entrepreneur that would like to maximize your business’ limited resources, worry no more! You’re just perfect in time! Sit back and relax! Follow the 4R steps and you’ll be good to go! But wait, what is this 4R by the way?
4R stands for “Reduce-Reuse-Recycle towards Richness”. Is it important? Why?

Waste reduction in a business can:
/ Save money on supplies
/ Conserve natural resources and energy
/ Reduce current disposal costs and hedge against increased future disposal costs
/ Meet customer demand for "green" products and environmentally conscious businesses
/ Avoid adding to the environmental burden caused by producing and disposing of unnecessary materials
/ Boost employee morale by giving staff members an opportunity to work together on an environmental project
/ Reduce the risk of future liability associated with the disposal of solid wastes.

And it is just easy and simple to do! By changing your daily habits, you might reduce a lot of waste. Not only will it be beneficial for your business, but you will also be able to inspire others to do the same to save the world we are living in.

Instead of continuously buying a writing or printing paper, you could just recycle. Make scratch pads from used paper, proofread before printing to avoid excessive usage of paper, save documents electronically instead of making hard copies (only if applicable), improve inventory file so items don’t expire and become unusable, avoid purchasing disposable products, and so much more ways! Easy, right?

You see, you can make a difference from the simplest thing that you do. If all your employees will do the same, your business will save a lot! It will take an effective planning and preparation. Study your business and your market. Layout your plan and get the program on the line.

Reference:
Sherman, R. (2017). “How Your Business Can Cut Costs by Reducing Waste”. North Carolina, USA. NC State Extension Publications. Retrieved December 12, 2021, from, https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes.

Leila Lauren M. Carlos 2019-101650
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John Joseph C. CedoDecember 8, 2021 at 10:27 PM
(1/2)
Hello, my name is John Joseph Cedo, an aspiring CPA and I could say, reducing the amount of wasted materials or resources consumed by the business could be the key to its success. When it comes to waste, most of us are familiar with the basics of separating recyclables from general waste and putting the appropriate bin out on bin day. However, fewer of us consider where our waste is going and the impact of waste on the environment (Solo Team, 2019). Recycling is probably the simplest way to feel environmentally conscious about waste management, and it is certainly beneficial, but did you know that reducing waste is equally important in creating a sustainable future for future generations? Based to Bagayas (2020), according to a United Nations Environment Program report, the Philippines is the fourth largest generator of solid waste among ASEAN member countries, producing 14.66 million tons of trash per year. Reducing waste can be as simple as using a keep-cup for your morning coffee and avoiding purchasing bottled water. It may not appear to be a significant step toward better waste management, but if everyone became more aware of how much waste they produce, we may begin to have a positive impact on our planet and its future.
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John Carlo B. De VeraDecember 9, 2021 at 12:39 AM
As I have always said to my customers in Sprint, now part of T-mobile, "it's a beautiful day!" My name is John Carlo De Vera or just JC and my mission is your resolution. Is your company still use a lot of paper for documentation, bookkeeping, or communicating? Is your company still incur costs in using paper for day-to-day operation and communication? Did you know that according to Allen (2018), Yale Information Technology Services realized more than $250,000 after using electronic processes or becoming paperless? In addition, he also includes that based on Nitro, 28% of organizations that invested in the paperless document received a complete return on investment for six months minimum and 59% achieved a complete return on investment in less than a year. Hence, utilizing paperless documentation and communication system would help a company save more and earn more. Not only that, becoming paperless will lessen the distribution costs of the company such as for the ink and printing. In addition, becoming paperless means having a lesser paper which results in saving space or having more space for other things. Furthermore, since we are moving to a world which is more digitized and people are becoming tech-savvy, engaging early on technology and its advancement would be an edge and advantage for the company not only to become knowledgeable to it but also to save more time, money, and space by becoming paperless through technology. To add up, based on the article of (DocuSign, 2018), going paperless has a vital impact on our environment. Going paperless will save trees, cut down pollution from factories that manufacture paper, and lessen the use of other stuff that has relation with paper such as inks. Ultimately, going paperless will promote the longevity of documents and information to the company. What are you looking for? Invest in going paperless because it will greatly affect the cost efficiency, the profitability, the image and reputation, and the overall performance of the company. I will leave a beautiful quote from John Grisham saying, “The digital age was dragging older lawyers like the Boones into the world of paperless files and storages, and not a minute too soon; Why destroy so many trees to produce much paper that becomes useless almost as fast as it is filed away.”

References
Allen, S. (2018, September 12). Docuphase. Retrieved from https://www.docuphase.com/blog/how-cfos-can-save-money-by-going-paperless
DocuSign. (2018, November 22). Retrieved from https://www.docusign.com.au/blog/5-ways-going-paperless-is-good-for-the-environment
Murdock, H. (2017). Operational Auditing. Florida: CRC Press.

DE VERA, JOHN CARLO B. | 2019-104382
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Jerick E. GuasinDecember 9, 2021 at 1:36 AM
This is Jerick E. Guasin, from Department of Accountancy of RTU-Boni Campus, I am here to share with you the importance of reduction of wasted resources as it is the key to business success. First, do you know that waste reduction is not about recycling things – it is more than that. According to CalRecyle (2020), inefficiency manifests itself in the form of waste. The development of a waste reduction strategy gives a chance to reorganize operations in order to generate less waste and, as a result, boost efficiency. It is also an opportunity to restructure agreements with suppliers and subcontractors in order to have them take back or minimize the amount of garbage that you are now paying to dispose of. Potential clients will have a compelling motive to select your facility over that of your rivals if you are "greening" your company and decreasing expenses.

At this point, I would like to emphasize the step-by-step guide given by the CalRecyle to properly address and implement this waste reduction, and these are the following:
- Policy
- Goal
- Plan
- Information
- Staff
- Analyze
- Space
- Handling
- Reduce
- Budget
- Evaluate

Overall, in fact, developing and implementing a waste reduction strategy is simply one of two strategies that must be designed and executed at the same time. In order to thrive in the execution of the program, financial factors must be considered as well, just as they are with any other outstanding concept. Funding for your waste minimization program may be obtained from your current budget for management of solid waste and other charges. This is perhaps the most straightforward method of raising revenue. If you're interested in learning more about why savvy venue facilities and special event organizers contribute to trash reduction and recycling initiatives, check out these eight reasons. With the help of these conversation points, you can demonstrate to your finance director and other key management personnel why a waste reduction and recycling program is a wise business investment and where the savings for project start-up may come from.

Reference:
CalRecyle. (2020, February 10). Waste Reduction Planning and Implementation for Owners/Operators. CA.Gov. Retrieved December 9, 2021, from https://www.calrecycle.ca.gov/venues/planning

Jerick E. Guasin ; 2019-105702
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Erica C. BandolaDecember 9, 2021 at 5:17 PM
Many businesses often fail in their earliest stages because of the poor internal control established. And this ladies and gentleman, will be our topic for this discussion. My name is Erica Bandola from the Accountancy department of Rizal Technological University, and here, we will talk about the possible effects of reducing waste resources in the business. The internal controls that were mentioned in our previous discussion include the efficiency and effectiveness of the people in the workplace, such as office staff and direct laborers. That is why internal controls performed and monitored by the auditors in the organization took it strictly by implementing policies and standards that those employees can follow accordingly all over the process of production. According to the seven wastes of lean manufacturing, wastes can be exhausted in different parts of the production. From it, seven wastes are identified such as overproduction, inventory, motion, defects, over-processing, waiting, and transport. As we can see, these all seven can cause too much wastes if accumulated at the end of the period. This is due to poor handling and management of resources within the organization that cause shrinkage of profit and incurring too much expenses and losses for the organization. This specific failure in an organization is one of the causes of being not efficient and effective by the employees. The operations specifically on manufacturing products are poorly planned and conducted, thus resulting in bad outcomes of an organization. If this will be solved, the organization can benefit not just in a short period of time but also in the long run.

The Seven Wastes of Lean Manufacturing. Safety Management. https://safetymanagement.eku.edu/blog/the-seven-wastes-of-lean-manufacturing/

-BANDOLA, ERICA C. (2019-105307)
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Hans Theo ValenzuelaDecember 9, 2021 at 8:50 PM
Why is it beneficial for the company to reduce its wasted resources? Is it to try to reduce cost? Is it to try to minimize the resource usage? Or is it to make the business profit more? Well, the simple answer is yes and more. According to Murdock (2017) Anything done or obtained that isn't required to accomplish an activity or support a process is considered waste. Waste can take numerous forms, with the most common being increased time consumption or misused money resources. The Eight Areas of Waste Model is a straightforward way for identifying activities and items that detract from the value derived from available resources. The model can be used as a diagnostic tool, as one of the components in the formulation of audit programs, and as a memory aid when detailing the predicted advantages from recommendations. By simply, identifying what the waste is still not enough. We need to try and make this waste as our business’s strengths. It is easier said than done. With cooperation from the whole organization will we only achieve this. If we leave a man behind, it will only be a detriment to the whole organization. Reduced wastes will mean more output with less workforce. The more wastes mean the more workforce for it to compensate. It is more beneficial for us as a human being to work less and still come up with the same results. So reducing waste is key not only for the business but also for us. This has been Hans Theo Valenzuela, an aspiring CPA. Thank you.

References:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.

Valenzuela, Hans Theo Ezequiel N. (2020-110421)
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Me-An Joy A. OmpadDecember 10, 2021 at 7:37 AM
Do you know according to the EPA, the average person creates 4.4 pounds of solid waste each day and there are 7.6 billion tons of industrial waste produce every year in the business? My name is Me-An Joy A. Ompad from Rizal Technological University and as aspiring Accountant. I’ve talked to some business and read different research who share the same complain about their waste. Businesses are now expecting to manage their waste to help the society and managing your wasted resources will make your business successful. Yes, you read it right! Wasted resources is a factor to a business success.
Nowadays businesses are now aiming for sustainability. Entity will try everything to make a profit while maintaining its responsibilities to the society. The benefits of reduction of waste resources are first, the business can save and make money by having a proper waste management. You can reduce your overhead cost because of efficiently using the resources and its waste. There will be a better income for the business because of lower costs. Then, comply with waste regulations will be as smooth as butter because of the waste management technique. Lastly, the reduction of wasted resources will have an environmental benefit because there will be less waste going to landfill.
Reduction of waste resources will surely have an impact to the organization. You should now start having a proper use of resources and aim to reduce of wasted resources. Start investing to different tools or ways that will surely be a profitable without compromising the environment.

REFERENCES:
CalRecyle. (2020, February 10). Waste Reduction Planning and Implementation for
Owners/Operators. CA.Gov. Retrieved December 9, 2021, from
https://www.calrecycle.ca.gov/venues/planning
NetRegs. (n.d.). Business benefits of reducing, reusing and recycling waste.
Retrieved from NetRegs: https://www.netregs.org.uk/environmental-
topics/waste/reduce-reuse-and-recycle-your-business-waste/business-
benefits-of-reducing-reusing-and-recycling-waste/

-OMPAD, ME-AN JOY A.
2019-104916
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MARY ANN JINTALAN CEBUANODecember 10, 2021 at 10:03 PM
This comment has been removed by the author.
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Rhea Lyn MendozaDecember 10, 2021 at 10:08 PM
Good day! My name is Rhea Lyn, from the Accountancy Department. I’m not sure if all of you believe that the reduction of wasted resources is a key to business success. So today, I’m here to tell you about the relevance of reducing company waste.

Is your company producing as much or even more waste today than it did two years ago? Reducing waste not only saves money on waste relocation, but it also shows business growth and development which makes a significant contribution to corporate social responsibility by lowering greenhouse gas emissions and hazards to human health caused by our residual waste.
Your company's waste disposal and waste management services are probably not as cost-effective as they could be. Businesses can save money and become more environmentally friendly by implementing a waste management program that aims to minimize waste generation, reusing and recycling materials.

Furthermore, assessing your waste production yields valuable information that can be used to reduce waste. Track and record your waste generation to determine where you can save money and how to best implement a recycling program. When you recognize how much waste your company produces, you can identify areas where you can reduce the purchase, production, and use of materials that cannot be reused or recycled, and try to incorporate a sustainable waste reduction program. (Sherman, n.d.) Creating an effective waste reduction program for your company entails three major steps: planning, laying the groundwork, and implementing the program as part of your company's daily operations. By taking steps to reduce waste, a business can spend less on supplies, conserve energy and natural resources,reduce current waste disposal costs while protecting against future increases in disposal costs, meet the demand for "green" products from customers and environmentally conscious businesses, avoid contributing to the environmental burden by producing and discarding unnecessary materials, boost employee morale by giving employees the opportunity to collaborate on an environmental project and reduce the risk of future liability associated with solid waste disposal.

Therefore, using the company’s resources efficiently and effectively reduces business waste and makes economic sense. They can save money and improve efficiency by focusing on waste reduction and dealing with the waste that remains.

Reference:
Sherman, R. (n.d). How Your Business Can Cut Costs by Reducing Waste. NC State Extension Publications. Retrieved December 9, 2021, from https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes

- MENDOZA, RHEA LYN B. (2019-101819)
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MARY ANN JINTALAN CEBUANODecember 10, 2021 at 10:12 PM
Hello, my name is Mary Ann Cebuano, and I am a third-year accounting student at Rizal Technological University. I'm here to explain why reducing waste is important for corporate success. First, we must define waste reduction. According to the encyclopedia, waste reduction, also known as source reduction, is the practice of using less materials and energy to decrease waste production and safeguard natural resources. It has a broader scope than recycling and includes strategies to avoid goods from becoming waste before they reach the recycling stage. Meaning, waste reduction is also classed as a preventative measure to assist firms utilizing their resources and achieving efficiency and effectiveness in their business processes.
At this stage, we're discussing the advantages of reducing wasted resources. There are four areas that, in my opinion, might benefit from the company's appropriate waste reduction initiatives. First, let's talk about the firm. By being efficient and effective, waste reduction may help the organization reach its goals and objectives. Second, in terms of finances, minimizing waste may assist the organization in being more cost-efficient and profit-maximizing. Furthermore, the money saved through waste reduction may be utilized for other corporate initiatives that provide greater value to the organization. The third component is the social community. If the firm implements effective waste reduction, the community's exposure to harmful or nuisance garbage will be reduced, and a high level of customer satisfaction may assist your company's reputation and drive your business. Finally, in terms of the environment, waste reduction has a huge impact on nurturing and preserving the environment, which is why every firm should prioritize waste reduction as it will assist the organization in enhancing sustainability.

REFERNCES:
Waste Reduction | Encyclopedia.com. (n.d.). Encyclopedia.Com. Retrieved December 10, 2021, from https://www.encyclopedia.com/earth-and-environment/ecology-and-environmentalism/environmental-studies/waste-reduction

Mary Ann J. Cebuano (2019-106907)
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Don Luis M. VillanuevaDecember 10, 2021 at 11:06 PM

Good day, I’m Don Luis M. Villanueva, studying Accountancy in Rizal Technological University. Today we will be talking about THE REDUCTION OF WASTED RESOURCES IS A KEY TO BUSINESS SUCCESS.

Waste is any substance which is discarded after primary use, or is worthless, defective and of no use. Waste reduction can result in an increase in profit, utilizing limited resources, reducing the cost and reducing the waste resources. Reducing waste can be beneficial to the company and to the environment. The eight areas of waste are waste the business incur that somehow affects its production and the management itself. Each area of the eight waste has a domino effect on the business. If the business reduces the defects, it will result in maximizing the profit, reducing the cost, using the resources efficiently and reducing the waste itself. Same principle goes to other waste. Overproduction is a waste from over producing goods that resulted in a waste. Waiting is a waste of time in waiting for the next process to occur, one example of this is the bottleneck effect in which the process limits the output. Unused talent is a waste coming from the employees, it is a waste of not utilizing and honing their talent and skills. Transportation can be a waste if it is not utilized well, it is a waste of time, money and resources coming from unnecessary moving of products from point A to B. Inventory is quite similar to over production waste, but waste in inventory is waste from excess production and materials that aren't processed that might cause the expiration of the goods. Motion is a waste in time and effect of the employees by doing unnecessary actions. Lastly is extra processing, that requires more time, more work and effort in unnecessary things. Reduction of waste resources as I mentioned earlier, will result in business success. Reducing wasted time will result in more profit. Reducing defected goods will also result in more profit and lesser cost. Reducing overproduction will utilize the resources well. Reducing all of this waste will result in success.
Reference:
Gay, C. (2016). 8 Wastes of Lean Manufacturing. Machinemetrics. Accessed on November 29, 2021. https://www.machinemetrics.com/blog/8 wastes-of-lean-manufacturing
- Villanueva, Don Luis M. (2019-102313)
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niel camoronganDecember 10, 2021 at 11:49 PM
Wastes have several definitions; for me, it is anything that has anything that reduces the income or increases the expenses. these wastes are scattered before, during, and after the production process. There are 2 ways to increase the profit. The 1st option is increasing the sales the other one is reducing the expenses.

Reducing the expenses before production is helpful especially if the business is just starting and does not have the necessary cash on hand to finance every business transaction and unexpected expenses that are not seen by the management. Examples of these expenses are unnecessary inventory (this can/will increase the handling cost such as air-conditioning cost and rent) and unnecessary transportation (this can be eliminated if the communication is done properly before ordering or delivering the materials)

Reducing waste during production is the key to business success because it ensures that all the raw materials inputted into the production are converted into the end product that can be sold. But not too much that is causes overproduction because this can also lead to a reduction of the quality of the end product and will reduce sales.

Lastly is the after production, this is usually expenses that are involved in the recording of the transaction done the most common one is the excess paperwork. This cost can be eliminated by sending a soft copy to the management to know if it is okay or not before printing the documents.

Niel Camorongan
2019-102455
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Khyla DalmacionDecember 11, 2021 at 12:53 AM
Hi! I am Khyla Bernadette S. Dalmacion, a 3rd Year College Student taking up Bachelor of Science in Accountacy at Rizal Technological University and I am here to discuss about one of the ways on how to become a successful entrepreneurs.

Let me start with the meaning of waste reduction. Waste reduction or source reduction is the practice of preventing waste by decreasing or eliminating the amount of materials initially used. One of the examples include purchasing products in bulk quantities than single servings.

And now that I am done with my introduction about the reduction of waste materials, let me present to you the importance of ways reduction in an organization, business or entrepreneurship.

By taking steps to reduce waste, a business can

• save money on supplies
• conserve natural resources and energy
• reduce current waste disposal costs and hedge against increased future disposal costs
• meet customer demand for "green" products and environmentally conscious businesses
• avoid adding to the environmental burden caused by producing and disposing of unnecessary materials
• boost employee morale by giving staff members an opportunity to work together on an environmental project
• reduce the risk of future liability associated with the disposal of solid wastes.

References:
Clinton County Michigan. https://www.clinton-county.org/363/Waste-Reduction-Reuse

Sherman, Ronda (2017, March 30). How Your Business Can Cut Costs by Reducing Waste
https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes

DALMACION, KHYLA BERNADETTE S.
2019-105708
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Stephanie BalaysocheDecember 11, 2021 at 5:13 AM
Have you ever wondered how businesses manage to achieve success despite many challenges? Or how do they minimize their wasted resources? If you are curious just like me, then sit back and relax because I will give you an idea of how reducing wasted resources can contribute to the success of an enterprise. I am Stephanie Balaysoche, a third-year accountancy student and the one who will guide you in understanding this topic.

Many businesses generate waste every single day and as much as possible, they want to reduce it to increase the efficiency of the day-to-day operations of the business. A certain enterprise can probably save more money by concentrating on how to reduce waste and cope with the waste that remains. In fact, waste is a resource that can increase business productivity when handled efficiently.

Every business should at least know that emphasizing waste reduction can greatly assist them in lowering their operational costs. For instance, Unilever is one of the multinational companies existing today that are committed to waste reduction. At least 240 of its industrial facilities and 400 of its sites keep all non-hazardous waste out of landfills (Brucker, 2017). In fact, Unilever used the four 'R' strategy to meet zero-waste to landfills. First, waste should be reduced at the source, followed by reusing, recovering, or recycling any non-hazardous waste that persists. In addition to this strategy, Unilever entered into partnerships with waste management companies to assist in the identification of recycling and reuse outlets (Patel, 2016).

According to Unilever, going zero-waste and incorporating eco-friendly approaches has resulted in the creation of lots of jobs and a $225 million savings for the company. Additionally, efficiencies created by reducing waste resulted in lower costs. The more waste that Unilever diverts through waste reduction, reuse, and recycling projects, the more money it saves on materials, energy, transportation, and disposal (Patel, 2016).

This example from Unilever gives us an idea of how waste reduction can become a key to the success of a company. It was a given that it is extremely significant for a certain business to generate a high income every period. However, they must do their responsibility to preserve the environment not only for their sake but also for every living thing.

References:
Brucker, D. (2017, November 1). 10 zero waste companies leading the charge. Rubicon. https://www.rubicon.com/blog/companies-zero-waste/

Patel, S. (2016, November 7). How Unilever achieves zero waste to landfill. Refrigerated & Frozen Foods. https://www.refrigeratedfrozenfood.com/articles/91828-how-unilever-achieves-zero-waste-to-landfill

BALAYSOCHE, STEPHANIE (2019-101856)
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UnknownDecember 11, 2021 at 7:33 AM
Hello there, everyone! Today, I'm going to talk about how reducing wasted resources is fundamental to a company's success. But before that, let me introduce myself to all of you. My name is Hilary N. Hedreyda, a third-year accountancy student at Rizal Technological University- Boni Campus.

I believe to the saying that “Lahat ng sobra ay masama!”

We can't deny that having too much of something is preferable to having too little of it. In some circumstances, though, the surplus becomes a waste. There are eight probable waste areas in corporate operations, particularly in manufacturing companies. Defects, overproduction, delayed action in production, unused worker talent, unnecessary transportation of the products, excessive inventory, excess motion or wasted time and effort, and redundancy of routine tasks, are some examples of these. Having these different kinds of waste can negatively affect your business by making your operating costs high resulting to a low net income, or worse, a net loss. It also gives the impression that you are not concerned about environmental issues. Another one is that, inefficiency and wasted time at work create lots of new long-term issues in the workplace.

Therefore, firms should strive to reduce their waste of resources. Minimizing waste in the workplace allows you to keep you small business operating costs low while helping preserve the environment. You can save money by using raw materials, time, packaging, technology, and other resources more efficiently. It’s also important that you attach value to your time and effort. The way you spend your time and effort has a big impact on your company's performance. If you manage your time well, you will have more time to do other things. It can also help you build a better reputation with customers, suppliers, investors, and future staff. If you can properly manage waste, your company will be more productive, resulting in increased profitability and long-term success. Other than that, implementing waste reduction strategies does not have to be expensive or time-consuming.

REFERENCES:
Murdock, H. (2017). Operational Auditing Principles and Techniques for a Changing World. Taylor & Francis group.

Wastekit. (2018, May 31). Educate Your Staff on the Impact of Waste in Your Business. https://www.phswastekit.co.uk

HEDREYDA, HILARY N. (2019-103876)
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Anthony "Baks" MangilogDecember 11, 2021 at 2:37 PM
Hello, good day. My name is Anthony Mangilog, an accountancy student at Rizal Technological University. I’ve heard that you opened a business. That is good to hear, and I know that our main objective is to earn a profit when opening a business. But of course, opening a business is really expensive. So, I want to tell you about the key for a business to success that I’ve learned in our lesson. The key for a business to succeed is simply a reduction of wasted resources. Yes, you hear it right.

Now, I know you are wondering why I said so. When putting up a business, we pay for resources that we will use to build. And it will really cost a lot. Also adding the resources that you will pay for your product. And some of the resources are put on to waste and not used to their full potential. So, I’m here to tell you what benefit you can gain by reducing wasted resources.

By reducing waste, your business can:
• Reduce the cost of supplies
• Reducing present trash disposal expenses and hedging against future increases in waste disposal costs, conserving natural resources and energy
• Address the need for “green” products from customers and environmentally aware corporate enterprises
• Prevent the creation and disposal of unwanted items from increasing the environmental strain on the ecosystem.
• Increase employee morale by allowing employees to collaborate on an environmental project.
• Reduce the risk of future liability related to the disposal of solid waste.

Nowadays, consumers love to purchase eco-friendly products. So, doing these things will surely attract more customers to earn profit. You not only helped our mother Earth, but you were able to lessen your expenses and maximize the use of your resources.

References:
Sherman, R. (n.d.). How Your Business Can Cut Costs by Reducing Waste. NC State Extension Publications. Retrieved December 12, 2021, from https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes

Grabillo, M. (2021b, December 7). OPERATIONS AUDIT: DISCUSSION ASSIGNMENT WEEK 7. GLIMPSE OF A CPA’S MIND. https://markgrabillo.blogspot.com/2021/12/operations-audit-discussion-assignment_7.html

Mangilog, Anthony C - 2019-104415

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UnknownDecember 11, 2021 at 9:16 PM
Numerous organizations fail in their initial stages due to a complete lack of effective internal controls. How do we solve this problem? Is there a method to use to ensure that a business would achieve success? Hi! I'm Patricia Denise Leyco and I'm here to explain how your business would prosper and be able to deliver sustainable value to your customers by reducing waste.

Lean manufacturing is a method based on the philosophy of increasing productivity while minimizing losses in a manufacturing process (Daniel, 2020). Waste is everything that does not deliver benefits that buyers are willing to pay for. Whether it's from idle people, inefficient processes, or underutilized components, it is a production loss, and lean manufacturing strives to eradicate it. Regardless of the underlying objectives, there are four significant advantages of lean manufacturing that will contribute greatly to the success of your business that will surely make you apply this method.

First, it eliminates waste. Waste must be eliminated since it has a detrimental impact on costs, timelines, and materials. It serves no useful purpose to the items and services it advocates. Second, it improves quality. Improved quality allows your business to remain relevant and learn to adapt to the clients' needs and desires. Establishing systems to match these goals and aspirations helps organizations stay ahead of the competition while also focusing on quality improvement. Third, it reduces cost. Storage costs are incurred as a result of overproduction or having more resources than are necessary. These costs can be decreased by optimizing operations and resources monitoring. Lastly, it reduces time. Inadequate working processes waste time and money, whereas more productive practices reduce lead times and enable goods and services to be produced relatively quickly. Let us all be reminded that for a business to flourish and achieve much wanted success, it will always be of importance to ensure that all resources are properly managed. To do this, diminishing wasteful resources is the key.

References:
Daniel, D. (2020). Lean Manufacturing. https://searcherp.techtarget.com/definition/lean-production?amp=1

LEYCO, PATRICIA DENISE P. (2019-101438)
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Thea Sofia A. BarabichoDecember 11, 2021 at 10:50 PM
“When you refuse to reuse, it is the Earth that you abuse.” A pleasant day to each and everyone! My name is Thea Sofia A. Barabicho, an aspiring Certified Public Accountant, and I am here to strengthen your perspective about the importance of proper waste management in business and how this could possibly help you make you dominant and successful in the field!
Is your company tired of experiencing lower profitability and increase in customer costs? Is your company suffering from a lot of wasted resources which can be harmful and costly? This is the time where you take a step back and review your internal control. Eliminating wasteful activities is one of the most significant actions an organization could do to become a successful company in the long run. Every business creates waste. For some companies, it may be excess paper or water; and for some it can be toxic and hazardous wastes which need proper disposal. However, there is only one thing certain - these wastes are incurring you extra costs in your business!
Imagine your organization working hard to achieve your goals and objectives, meeting the customers’ standards and achieving satisfaction, and earning your employees trust and loyalty, but is constantly incurring a lot of extra costs due to the wasted resources you cannot reduce. Sounds uneven and unfair, isn’t it?
Through this, the United States Environmental Protection Agency (US EPA) has mentioned ways to promote waste prevention such as purchasing durable and long-lasting materials, reusing recyclable materials, striving to eliminate raw materials that are not incorporated in your final product, using products that are free of toxic materials, reducing the amount of packaging, conserving water or energy, and implementing in-process recycling.
Reduction of wasted resources is one of the keys to business success because of the cost savings and improved worker safety. Believe me or not, your current and possible customers are more willing to support your business if your waste management process is properly regulated. Always remember that a business who cares about the environment is always one step ahead of its competitors. Once again, this is Thea Sofia A. Barabicho, encouraging you all to stand up, reduce wasted resources, and continue preparing for your long-term success!

Barabicho, Thea Sofia A.
2019-106912

REFERENCES:

US EPA. (2021, November 5). Managing and Reducing Wastes: A Guide for Commercial
Buildings. Retrieved December 8, 2021, from
https://www.epa.gov/smm/managing-and-reducing-wastes-guide-commercial-buildings
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Angelika D. FranciaDecember 12, 2021 at 12:32 AM
Hello, my name is Angelika D. Francia from the Accountancy Department of Rizal Technological University, and I will talk about how to operate a business effectively in order to reduce wasted resources, as well as why this is important for business success. Businesses strive to achieve their objectives and goals by complying with efficiency and effectiveness principles; nonetheless, the primary objective of a business is to succeed and continue their operations in the future. However, businesses experience challenges in their daily operations, such as being unable to minimize their wasted resources, which may result in increased time consumption or underused financial resources (Murdock, 2017). We all know that businesses want to reduce their expenditures and maximize their profits as much as possible, but how can they minimize or reduce wasted resources in order to maximize profits? Well, this is how, according to Industrial Media (2016), Lean manufacturing has helped organizations to boost production, lower expenses, enhance quality, and increase profits by adhering to five fundamental principles: identify value, map the value stream, create flow, establish pull and seek perfection. In fact, these principles are the foundation of Toyota’s success as one of the world's leading automotive manufacturers. The first lean principle is identifying value. This phase requires businesses to describe what customers’ value and how their products or services fulfill those values. This value requires businesses to eliminate needless processes that would have been required for undesirable features by designing products to fit particular demands. The second lean manufacturing principle is mapping the value stream. A value stream is a product's whole life cycle, including design, customer usage, and disposal. It will be easy to identify and eliminate procedures that do not provide value after the value stream has been mapped.
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John Michael RuizDecember 12, 2021 at 12:43 AM
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Hello Philippines and Hello World! I am John Michael Ruiz, Chief Operating Officer (COO) of the FAJ Company and welcome to "Be the Success" online forum.

Our Agenda for today is to explore one of the keys to business success and that is, Reduction of Wasted Resources.

Did you know that one of the major blocker on profitability is waste? When we say waste it does not mean garbage. It means wasting time, material, and labor in relation to our daily operation. In today's forum, we will explain to you the importance of waste reduction in operation to meet business success.

But before we go into further discussion let me please show you what are the waste we encounter in our operation. These are the 8 wastes of lean manufacturing

1. Defects
2. Excess processing
3. Overproduction
4. Waiting/idle operation
5. Holding costs in Inventories
6. Transportation
7. Motion
8. Non-Utilized Talent

The first 7 wastes have something to do with the production process while the last waste is about utilizing manpower or personnel. These wastes can cause human error, poor quality control, poor communication, unreliable process, delayed process, inventory defects, failure in production systems, poor workstation layout, and lack of team training wherein all of them obstruct success.

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John Michael RuizDecember 12, 2021 at 12:44 AM
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I know some of you might not have paid attention to the wastes I have mentioned earlier. It's not a big deal because now, you all are able to identify at least some of the wastes we have in our production. This is to encourage you to establish a system for the sole purpose of removing trash or waste inside your companies.

With our current global position with pandemic which is full of uncertainties, we cannot afford any failure to our business. We have to evaluate our waste reduction systems as this is very essential to achieve overall success of our business. Many benefits are waiting for us by doing this. Eliminating waste will help to increase the profits of the company because of lower overhead cost and better usage of time and resources. This will also result in the satisfaction of our customer because we produce high quality products by reducing wastes in our production. One of the evident benefits is improved performance of our company as well as lowering the risks or any factors that may dissatisfy our stakeholders.

That is our full agenda for today and I hope this will lead you to assess all your production process for the betterment of your company. Again, "Be the success" by reducing your company's waste. Thankyou for attending this webinar.

References:
Christina G. (2016). 8 WASTES OF LEAN MANUFACTURING. https://www.machinemetrics.com/blog/8-wastes-of-lean-manufacturing

e2b calibration (2018). THE BENEFITS OF LEAN MANUFACTURING AND ELIMINATING WASTE. https://e2bcal.com/benefits-lean-manufacturing-eliminating-waste/

JOHN MICHAEL RUIZ / CBET01-501A / 2019-103444
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Airon Nicole JadraqueDecember 12, 2021 at 1:50 AM
Good day folk! I'm Airon Nicole Jadraque, a 3rd Year BSA student from the college department of CBET.

As an individual who has a relevant scope of learning about business, although it is not my major, still, I can disclose to you a piece of very important information regarding the essence of curtailing wasted resources.

Minimising waste in the workplace allows you to keep your small business operating costs low while helping preserve the environment. Waste reduction strategies don’t need to be costly or time-consuming to implement. Simple steps and strategies for reusing, repurposing, and recycling can benefit a small business environment in myriad ways (Anonymous, 2019).

In a changing landscape, new challenges are presented daily. So we have to be very smart in thinking about ways on how to cope with these circumstances. Waste is a resource which can lead to greater business productivity if managed correctly. Here are some of the key points I have obtained that will surely assist you:

- Improve Operational Efficiency (Recycling makes good financial sense for most businesses)
- Remain Compliant (Today, your business must reach and remain compliant with local, national, and even global regulations and laws)
- Source New Revenue Streams
- Improve Brand Image Boost Employee Morale (Today, consumers are increasingly vigilant as to the waste practices of any business)
- Discover More Waste Management (Sustainable business practice goes hand-in-hand with environmental sustainability, and proper staff training will ensure everyone is on the same page)
- Advantages with RTS (The key is to ensure that both products and packaging are recyclable and environmentally responsible)

With that being said, I am very confident that this will help you to be more cognizant with the reality that's going on and how this kind of issue is affecting us and how these can be resolved and transformed into a greater opportunity. I hope you've learned from me and try to recall the things that I've said as you go on so things will then be easier for you to manage. Thank you!

References:

Anonymous. (2019). Why Is It Important to Minimise Waste in the Workplace? CHRON. https://work.chron.com/important-minimize-waste-workplace-10763.html

The benefits of waste management for business. RTS. Retrieved December 12, 2021, from https://www.rts.com/blog/the-benefits-of-waste-management-for-business/

JADDRAQUE, AIRON NICOLE T.
2019-101826
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Jennalyn BatjerDecember 12, 2021 at 2:22 AM
Hello everyone. I’m Jennalyn Batjer, a 3rd-year student at Rizal Technological University. Did you not pay much attention to the waste your organization produces? This could be a good opportunity to learn about the value of reducing business waste in order to save money.

By reducing waste, your business can save money on supplies, conserve natural resources and energy, lower current waste disposal costs and hedge against future increases, meet customer demand for "green" products and environmentally conscious businesses, avoid adding to the environmental burden caused by producing and disposing of unnecessary materials, and boost employee morale by giving employees the opportunity to work together on an environmentally friendly project (Sherman, 2017).

Even after knowing the importance of reducing waste, it will not stop there. Businesses must find some ways and procedures for them to achieve the goal of reducing waste. This involves simple changes in your work habits, like instead of printing documents, saving them electronically. Internal memos and electronic papers should be sent via email rather than paper. Order items with the smallest amount of packaging possible. Reconditioned office equipment should be used. By influencing your consumers' behavior, your business can also assist minimize waste. Instill in your customers the benefits of waste reduction. Campaigns, brochures, and newsletters are all effective message tools. Encourage clients to bring their own shopping bags by inquiring if they have one and complimenting those who do (Sherman, 2017).

These are the aspects of a business that should be addressed. They should know the importance of waste reduction and do some things to make their business better. I hope with this you learn the importance of waste reduction. It is not too late to take action. You still have time to improve your business by paying attention to it.

Sherman, R. (2017, March 30). How Your Business Can Cut Costs by Reducing Waste. Retrieved from https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes

BATJER, JENNALYN P.
2019-101439
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UnknownDecember 12, 2021 at 5:52 AM
Today is a good day. Hello everyone, I am Jake Dizon from the Department of Accountancy of Rizal Technological University. Many of us are familiar with or know what waste is. It is unusable and discarded materials harmful to the environment and organization.
As I always say, every organization operates with a purpose, and generating higher income is one, but, due to various reasons, attaining this goal is difficult for most organizations. One of the reasons is the waste. Most of these wastes resulted from inefficient time, material, labor, and the poor utilization of skill-sets. It is detrimental to the organization as it minimizes the potential income they can generate because of the unnecessary spending due to this waste. Therefore, an organization needs to reduce its wasted resources to gain more profit, which will result in its success.
How waste reduction results in success? Waste reduction is a key to success because waste means more operating expenses consume. It implies that appropriation of income is more on resolving the issues resulting from wastes. Less waste or none, if possible, will assure maximization of earnings from the operation, as spending are more on necessary things for the business process. It does not necessarily mean that organizations should limit their expenses to succeed. They must focus on essential costs to the product or services they offer. Higher revenue means keeping the operation running for a long time, enabling an organization to achieve its objectives, hence, constituting success.

Reference:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor and Francis Group.

DIZON, JAKE C. (2019-106975)
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Rina P. BucalDecember 12, 2021 at 6:24 AM
Reducing waste is a key to business success. Hello!I'm Rina Bucal, and I want to share with you how it is possible.

So, do you know why the majority of new businesses fail?It is because they are unable to manage their resources, and one of those is wastage. According to Murdock (2017), "waste manifests itself in many ways." Wastage is not all about the unused scrap material left in production, but also the time wasted in waiting, financial resources underutilized, products produced in excess of what is required, and employees' skills unused or misused. Waste in business is equated to money invested, so reducing waste also reduces money wasted.

Another question is why waste reduction is important and how it can help a business succeed.
So, aside from the fact that businesses can save money, they can also conserve resources, reduce waste disposal, help the environment, and contribute to different campaigns such as "going green". They can help businesses succeed because, other than they can cut costs, they can also meet the demand of most customers for a "green" product and reduce the risk of future liability that is connected with waste disposal.

Waste reduction might be hard, especially for businesses that are used to excessive consumption and usage of resources, but changing that habit is easy once they put their mind to it. An effective way is to reduce, reuse, and recycle.

Reducing the amount of waste that the business produces is an effective way to cut disposal costs, and this could also result in discarding fewer materials. Reusing is also a must for businesses. It is a cost-efficient method of reducing waste because, rather than purchasing new material, they can just use what they already have. And last is recycling. Those that cannot be eliminated or reused can be recycled. Businesses can use recycled materials not just to cut costs, but most importantly to help the environment.

Sources:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. Taylor & Francis Group

Environmental Protection Agency. (2021). Retrieve from https://www.epa.gov/smm/managing-and-reducing-wastes-guide-commercial-buildings#Benefits

BUCAL, RINA P. (CBET 01-503A)
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UnknownDecember 12, 2021 at 6:29 AM
Good day! My name is Kianna Erika D. Zarain, a 3rd-year Accountancy student. Did you know that there are so many benefits of reducing wasted resources in your business ventures? Waste can be converted into a more lucrative and efficient output if managed properly. It has a huge impact on our environment for it causes pollution which is harmful to our well-being and surroundings. As per Solo Team (2019), we need to create a safer location for our future generations by waste reduction and proper management. Nowadays, the new business trend is adapting sustainability. Many businesses are now thinking of modern ways to reduce their waste materials by creating a new product out of it or by using environment-friendly materials which are less harmful to our surroundings. More than just compliance with business regulations, proper waste management and waste reduction has an immense contribution to a successful business. According to a study by Chladek (2019), there is at least 73 percent of customers are willing and preferably buy products that support a positive impact on our environment. People are now more invested in companies that embody social responsibility in their products. Waste reduction is both beneficial to their brand name and also to our ground. Business owners must think of unique and profitable ways to minimize or eliminate the waste materials in their production. Entrepreneurs are thinking of purpose-driven ways to meet the demands of customers while complying to their social and environmental responsibilities. As a consumer, I would gladly choose to buy a product that promotes positive impact on our surroundings. We must be mindful of our decisions that will affect our mother nature. Above all, we, human beings, shares a mutual desire of creating a safe, healthy, and productive place to live in. For us to achieve that common denominator, we must be wise and thrive to protect our planet.

References
Chladek, N. (2019). Why you need sustainability in your business strategy. Retrieved on December 11, 2021. https://online.hbs.edu/blog/post/business-sustainability-strategies
Solo Team (2019). Why it's so important to reduce waste. Retrieved on December 11, 2021. https://www.solo.com.au/latest_news/why-its-so-important-to-reduce-waste/

KIANNA ERIKA D. ZARAIN
2019-104924
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Myra Dianne RilleraDecember 12, 2021 at 7:05 AM
Good day! I am Myra Dianne Rillera, an aspiring Certified Public Accountant and this discussion is about the reduction of wasted resources being a key to success for a business. Wasted resources came from different causes, for example, machines left running when not in use or appliances left on standby, or even leaving water running and use far more than necessary. I would like to say that reduction of wasted resources can be a great way to achieve the success of the business.

Addressing waste offers a lot of benefits which can be a result of the reduction of waste materials program. The benefits of the reduction of waste include saving money through the use of reducing, reusing, and recycling. It can also meet legal obligations and compliance in which as a waste producer, you are responsible for managing your waste and its disposal in a responsible manner. This will also enhance the reputation of your business in which reducing your environmental impact through sustainable waste management can improve your reputation and corporate image with customers, employees, and external stakeholders. It can also give you a competitive advantage when pursuing business opportunities. Lastly reduction of wasted resources is good for the environment. Reducing, reusing, and recycling at work will help you reduce the environmental impact of your business.

With these, I hope you have gained a better understanding of the importance of waste reduction as well as the advantages of doing so. I am rooting for your company's success. Thank you!

REFERENCES:

Waste of resources; causes, symptoms, examples, solutions. Lean Manufacturing Tools | Lean Manufacturing Tools, Techniques and Philosophy | Lean and Related Business Improvement Ideas. (2013, October 18). Retrieved December 9, 2021, from https://leanmanufacturingtools.org/136/waste-of-resources-causes-symptoms-examples-solutions/.

The Moray Council, Council Offices, High Street, Elgin, Moray, IV30 1BX. (2016, June 1). Waste minimisation for business. Moray Council. Retrieved December 9, 2021, from http://www.moray.gov.uk/moray_standard/page_96617.html.

RILLERA, MYRA DIANNE G.
(2019-107121)
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Sean Lester NombradoDecember 12, 2021 at 7:34 AM
We've all heard that trees can absorb carbon dioxide, contributing to global warming. The carbon dioxide absorption capacity of 17 trees is approximately 250 pounds per year when they are recycled and reduced to one ton of paper (USI Web Services, 2021). But somehow, it is hard for businesses or organizations to reduce the wasted resources. Do you want to know why? I am Sean Lester Nombrado from Rizal Technological University, and I will discuss with you how the reduction of wasted resources can be a key to business success. According to Murdock (2016), managers and higher-ups are responsible for maximizing stakeholder value and displaying prudence in using the resources provided to pursue the organization's mission. Waste represents the erosion of stakeholder value, and both managers and employees should work diligently to minimize it.

Moreover, reduce your waste disposal costs by implementing an effective recycling program. Reuse valuable materials by cutting down on the amount of waste your business produces. As claimed by Atlanta Waste Management, adopting a zero-waste initiative also plays an essential role in the company's success because it encourages all employees to be aware of their waste production. Tracking and recording the wastes of an organization can determine where they can cut costs to identify the areas where they can reduce the purchase, display, and use of materials that cannot be reused or recycled. More importantly, executing the Eight Areas of Waste Model provides a simple, concise, and practical tool to identify common areas of waste, the practices that cause them, and the items that, when present, show that waste is being generated. These eight areas of the company have financial, time utilization, ecological, and health and safety implications. Whereby these issues can be identified, resolved, and mechanisms put in place to prevent their recurrence, stakeholders within and outside the organization will enjoy the benefits.

References:
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Successful Waste Reduction Strategies for Your Business. (2021, March 5). Southern-Waste. https://www.southernwasteandrecycling.com/blog/2015/09/successful-waste-reduction-strategies-for-your-business/
USI Web Services. (2021). Paper Recycling Facts - University of Southern Indiana. Https://Www.Usi.Edu/Recycle/Paper-Recycling-Facts/. https://www.usi.edu/recycle/paper-recycling-facts/

NOMBRADO, SEAN LESTER
2019-106902
502A
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Batulan, AnnaDecember 12, 2021 at 7:43 AM
Hi! I’m Anna Marie Batulan, and I would like to share with you “why reduction of wasted resources is a key to business success?” So let’s start, we need to identify first the eight (8) areas of waste so that we can further understand the reasons on why reduction of waste is a key to business success. And these are defects, excess processing/ paperwork, overproduction, waiting, unnecessary inventory, unnecessary transportation, excess motion, and under-utilized talent. Now, you already know what the different areas of waste are. Did you know that these wastes can cause additional cost to an organization? And the more waste one organization have, the more cost it will also produce and because of that, reduction of waste was created. The cost that reduction of waste can incur is much lesser than the amount of waste we can make. And the lesser the waste, the lesser the cost, the more income it will generate plus it can also help not just the company but also the industry, the economy and the nature. Let me give you some ideas on how does an organization reduce their waste. First, they identify what type of waste they are producing, and then they are assessing it on what kind of solutions that needs to be done. And these solutions could be the 5 R’s and 1 D (reduce, reuse, recycle, refuse, repurpose, and donate). Take note, there are lots of possible solutions that will depend on the waste one organization produces, so identifying first is a must in the process. Congrats! You are now aware of why reduction of wasted resources is a key to business success, and you can share this knowledge with anyone you know.

Resources
Gay, C. (2016). 8 Wastes of Lean Manufacturing. MachineMetrics. Retrieved December 12, 2021, from https://www.machinemetrics.com/blog/8-wastes-of-lean-manufacturing
Managing and Reducing Wastes: A Guide for Commercial Buildings | US EPA. (2021, November 5). US Environmental Protection Agency. Retrieved December 12, 2021, from https://www.epa.gov/smm/managing-and-reducing-wastes-guide-commercial-buildings

BATULAN, Anna Marie M.
2019-102079
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Christian CasalDecember 12, 2021 at 8:58 AM
Hello, my name is Christian Casal, and I'm a Rizal Technological University accounting student pursuing a degree in accountancy. As a future entrepreneur, I want to emphasize to everyone that reducing the amount of resources that are wasted is critical to business success. Every business generates waste, and by recycling that waste, you can add value to your company's success while saving money. When it comes to the workplace, it's simple and straightforward to reduce, reuse, and recycle waste. The simple act of reducing your consumption, reusing what you can, and separating recyclable materials from your other waste is simple. Your company can save money by reducing the amount of waste it generates, as well as reusing, refurbishing, and recycling as much of it as possible. At work, reducing, reusing, and recycling will assist you in lowering the environmental impact of your company. Managing your waste in an environmentally friendly manner will result in a shift away from landfill and toward more environmentally friendly disposal options. By reducing waste, you can reduce the amount of raw materials that are consumed while also lowering your operating costs and increasing your profit margins. Improving your company's reputation and corporate image with customers, employees, and external stakeholders can be achieved by reducing your environmental impact through sustainable waste management. It can also provide you with a competitive advantage when it comes to pursuing new business ventures. By reducing waste in the workplace, you can keep your small business's operating costs low while also contributing to the preservation of the environment.

Reference:

US EPA. (2021, November 5). Managing and Reducing Wastes: A Guide for Commercial Buildings. Retrieved December 8, 2021, from https://www.epa.gov/smm/managing-and-reducing-wastes-guide-commercial-buildings

Casal, Christian T.
2019-103830

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Drice, Arielle Jean G.December 12, 2021 at 9:00 AM
Good day, everyone! I am Arielle Jean G. Drice, a 3rd year college student taking up Bachelor of Science in Accountancy in Rizal Technological University. I am here to give you some information about waste management, waste reduction and how it is the key to become a successful entrepreneur.

First, let me tell you the definition of waste management. Waste management is the procedure of collecting, transporting, dealing, and disposing of human waste as a whole. In general, waste management encompasses all aspects of human waste, together with waste reduction. Waste reduction (or prevention) is the recommended way to waste management because waste that is never created has no waste management costs. Waste reduction also helps to preserve natural resources and environment which can contributes to a clean and healthy environment.

Now, after knowing the definition of the waste management and waste reduction. Let us now discuss how can company protect the environment by reducing their materials.

A company can save money by reducing waste by:
o Spend less on supplies.
o Preserve natural resources and energy.
o Minimize prevailing waste disposal costs while protecting future against increases in disposal costs.
o Meet the demand for "green" products from customers and environmentally aware businesses.
o Prevent contributing to the environmental problem by producing and discarding unnecessary materials.
o Improve employee morale by giving employees the opportunity to collaborate to an environmental project.
o Reduce the risk of future liability associated with solid waste disposal.

“We do not inherit the Earth from our ancestors; we borrow it from our children.”
– Native American Proverb

References:
Sherman, R. (2017, March 30). How your business can cut costs by reducing waste. NC State Extension Publications | Browse Popular Publications. Retrieved December 13, 2021, from https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes
Waste reduction. (2020, October 13). CalRecycle. Retrieved December 13, 2021, from https://www.calrecycle.ca.gov/reducewaste
What is waste management? - Definition from Safeopedia. (2018, April 28). safeopedia.com. Retrieved December 13, 2021, from https://www.safeopedia.com/definition/1547/waste-management

DRICE, ARIELLE JEAN G. (2019-105710)
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Genelyn AloroyDecember 12, 2021 at 9:00 AM
Hi! I am Genelyn Aloroy from Department of Accountancy at Rizal Technological University. Do you want to know the benefits of maximizing our resources? Let’s begin!
As an individual, we all know that reduction of waste resources is what Earth needs. But, do you know that is also a key for business’ success? Waste management is one of the key tools to reduce costs and be profitable. Shifting from methods of waste disposal to processes of waste reduction can bring a range of key benefits such as:
- It allows the company to save money by proper management of raw resources, packaging, and technology.
- It allows the business to reduce the cost for waste disposal.
- Reduce costs for compliance with environmental legislation.
- It improves credibility and good reputation to your company because of being responsible for environment.

With the cost of goods and materials growing, it makes economic sense to use resources wisely and reduce waste in your company. It's also more environmentally friendly. Customers, workers, and potential investors are more aware of the need of environmental stewardship, and failing to act might harm your company's brand and profitability. By establishing that your company is environmentally aware, you may be able to attract new clients and beneficial for both parties.

By concentrating on how you reduce, reuse, recycle, or recover your business waste, as well as how you deal with the waste that remains, you may save money and make your firm more efficient!

Resources:
Invest Northern Ireland (n.d.). Reduce your business waste to save money. https://www.nibusinessinfo.co.uk/content/advantages-reducing-waste
NetRegs (n.d.). Business benefits of reducing, reusing, and recycling waste. https://www.netregs.org.uk/environmental-topics/waste/reduce-reuse-and-recycle-your-business-waste/business-benefits-of-reducing-reusing-and-recycling-waste/

ALOROY, Genelyn T.
2019-202971
CBET 01-501A

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Crishia Ellaine RamosDecember 12, 2021 at 9:51 AM
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Crishia Ellaine RamosDecember 12, 2021 at 9:53 AM
Good day! I am Crishia Ellaine Ramos, a 3rd year student from the Accountancy Department of Rizal Technological University, an aspiring Certified Public Accountant and I would to share you something that might help you for your future business/businesses.

To start with, let me first ask you a question. Do you believe that the reduction of wasted resources is a key to a business success? Probably some of you might be thinking on how does it became a key to a business success. Well then, let me help you to understand more about this topic. Several businesses nowadays and even the pioneers has been engaged and currently engaging in reduction of wasted resources. According to the Clinton Country Michigan, a waste reduction or source reduction is the practice of preventing waste by decreasing or eliminating the amount of materials initially used. This brings a lot of benefits in an organization, and that includes following: the reducing amount of the waste on your business produces, and reusing, refurbishing and recycling as much as possible, can save money. As we all know, the effective and efficient management of money is one of the most important characteristic of an organization. The saved money can be used for other resources for future operation of the business to generate more products and profits as well. In addition to that, the maximize use of resources would greatly help to sustain the need for the business to comply with its responsibility to protect the environment. The most important thing is that it is engaged with the great exercising of Ethics, one of the important E's in the business which should consider the 3P’s pertaining to profit, people and planet. Considering all of those mentioned above, you will definitely achieve the success in your business someday.

That ends my discussion, I hope you obtained new knowledge from it and I also hope that you may now have a clearer understanding about the benefits of the reduction of wasted resources. I am looking forward to see you as successful businessmen and women someday. Good luck on your journey my co-aspirant CPA's. Thank you!

References:

406 – Client browser does not accept the MIME type of the requested page. (n.d.). M. http://www.moray.gov.uk/moray_standard/page_96617.html

Waste Reduction & Reuse | Clinton County, MI. (n.d.). https://www.clinton-county.org/363/Waste-Reduction-Reuse

RAMOS, CRISHIA ELLAINE P. (2019-105763)
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Joylyn TicalaDecember 12, 2021 at 10:16 AM
Does your business produce as much waste — or perhaps even more waste? Worry no more. Hi! I’m Joylyn Ticala, a 3rd year BSA student from Rizal Technological University and today, I’ll be discussing all you need to know about waste reduction and why should you care about preventing waste for the sake of your business. Every business generates waste. For some, it may be only waste paper or dirty water; for others, it may be hazardous or toxic wastes that require special handling and disposal. Whatever the type or volume of waste your company generates, it is all the same in one respect - it is costing you money! In fact, you're paying for it twice - once when you buy it and the second time when you throw it away. The bottom line is that preventing waste will save you money. Reducing waste is the most important thing we can do. By reducing waste, we avoid the unnecessary use of resources such as materials, energy and water. It means there is less waste to manage.
Shifting from methods of waste disposal to processes of waste reduction can bring a range of key benefits:
• You can save money through more efficient use of raw materials, packaging and technology.
• It allows you to cut your waste disposal costs.
• Compliance with environmental legislation becomes cheaper and more straightforward.
• You can improve your reputation among customers, suppliers, potential employees and insurers, who may want to be sure that you take your environmental responsibilities seriously. You may also boost the morale of existing staff.

Every business, from the foodservice industry and property management to corporate offices and hospitals, generates some level of waste. In today’s modern business world, sustainability is key. Thus, it has become essential to consider the management and reduction of waste on every property.
In an effort to “go green,” more and more businesses are implementing waste reduction and management tactics throughout all levels of the company and across properties. The benefits of waste management are plenty. Consideration of these issues can save money, conserve resources, and create a more sustainable work environment.

References:
United States Environmental Protection Agency. (2021). Why Should You Care About Preventing Waste? Small Business Guide. Retrieve from
https://www.epa.gov/p2/why-should-you-care-about-preventing-waste-small-business-guide
WASTE AWAY SYSTEMS. (2020). 7 TIPS FOR REDUCING AND MANAGING WASTE ON COMMERCIAL PROPERTIES. Retrieve from
https://www.wasteawaysystems.com/blog/commercial-waste-reduction

TICALA, JOYLYN L. | 2019-103553

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AnonymousDecember 12, 2021 at 10:44 AM
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AnonymousDecember 12, 2021 at 10:46 AM
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Tapia, Gian Tricia B.December 12, 2021 at 10:59 AM
Business is not only about how to earn profit, how to satisfy the needs of their customers or clients. Business is not all about the money. Those stereotype leads us to focus on the goal of making profit and focus only the growth, that is why people tend to forget about their surroundings, especially the waste they are making. Hello everyone! I am Gian Tricia B. Tapia, from Accountancy Department and an aspiring Certified Public Accountant bringing you the thoughts about the benefits on reduction of wasted resources and its contribution to the success of the business.
Plastic waste is a major issue in the midst of the pandemic, but manufacturers of consumer products are stuck in waste retrieval and co-processing techniques that have little impact. Environmentalists are urging for immediate action since the plastic waste crisis is only going to get worse. According to a 2019 research by the Center for International Environmental Law, plastics contribute to greenhouse gas emissions at every stage of their lifespan, from the extraction of fossil fuels for their manufacturing to when it leaks into seas and emits methane when it degrades. Even before the epidemic, there was a dilemma. Creating an efficient waste reduction program for your company entails three major steps: planning, establishing the groundwork, and implementing the program as part of your company's everyday operations. Improving operational efficiency is a top priority for organizations of all sizes.
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Ela Rain TalabongDecember 12, 2021 at 11:06 AM
(1/2)

They say success is an open door waiting for everyone, but I say, achieving it still depends on the key that you hold. Hi, my name is Ela Rain Talabong, from the accountancy department of Rizal Technological University Boni-Campus where life-long accounting professionals are being nurtured to further solidify their skills and be productive individuals in the future.

Has your business entity been knowledgeable about the keys to use for the door of success to open up? Every person, even me, is aiming for success, so I’ve evaluated certain existing ways that are said to be the key to the success of different business entities. Since you are interested in further enhancing your business towards a promising future, I figured you might want to know one of the most prominent keys used by business entities for their business operations. This key is the reduction of wasted resources. As we all know, what we have right now is slowly becoming scarce so proper management is needed in entities to make sure that everything they have is maximized. Not every business organization is knowledgeable about this key to success, in fact, several entities failed in the field as they did not consider this key in their business operations.

TALABONG, ELA RAIN F.
2019-102788
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AnonymousDecember 12, 2021 at 11:22 AM
The negative effects of consumerism include the generation of enormous amounts of waste, depletion of natural resources, and pollution of the Earth. And if everyone lived like western consumers or as most businesses act today, we would need up to 5 planets to support us and absorb our waste. Good day, I am Catherine Chavez, a student taking Bachelor of Science in Accountancy and an aspiring Certified Public Accountant, and I am here to give you short but precise information on how important waste management is to each and every business, so important that it will be the key to one’s success. This may be your only key when you’ve come to the point that your business will struggle, but will you wait for that to happen? Of course not, who would even want that in the first place? Do you want to make sure of that success I’m talking about? Then hear me out.
We all know that the primary goal of every business in this world is to earn a profit, and this can be increased by proper waste management. Subsequently, responsible waste management is a growing concern, not only as part of a more ethical and eco-friendly approach to business but also as a way to grow and enhance current operations. As reduce, reuse, and recycle is admirable and encouraged, it also allows businesses to track, measure, and improve processes, and even boost one’s brand image, hence, the said tagline is not just a catchy slogan.

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Chavez, Catherine H
2019-101209
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AnonymousDecember 12, 2021 at 11:26 AM
Hello! Did you know that reducing waste not only saves money on costly waste hauling? It also contributes to corporate social responsibility by reducing greenhouse gas emissions and reducing the global hazards to human health caused by waste streams. And by doing these your business can have a good reputation because you are responsible for the environment. And having a good reputation can attract more people in your business. Reducing waste can also help your business operating costs low. Reducing waste is one of the keys to business success. There are benefits in waste reduction. First is Cost saving, as what I said reducing waste can help the business reduce overall operating costs on a number of levels.For examples, transforming scrap paper into notepads, shredding used paper to use for packing material and using supply shipment boxes for document storage. Second is space savings, one of the many benefits of reducing waste in business is freeing up significant storage space in your business. This can help you maximize available space for other revenue-generating purposes and save on outside storage rental. For example, an office that replaces paper towels in restrooms with cloth towels or hot air blowers eliminates the need to buy and store large quantities of paper towels. Third is environmental support, reducing waste in the workplace through reuse and recycling efforts has a positive impact on the environment. Less office waste means less trash in landfills. Recycling paper, aluminum coans, ink cartridges and even office machinery and equipment can help reduce the global environmental impact of consumer consumption. And lastly is Good Corporate Stewardship, as what I said above minimizing waste in your business can help you establish your company's image, in the minds of clients and customers, as a good corporate citizen. These approaches show that your business has a care and reponsible in the environment that can build your business a good reputation.

REFEFENCE

Willson, E. (2014). 8 new ways to reduce waste at your business.
https://www.greenbiz.com/article/8-new-ways-reduce-waste-your-business

Chron Contributor (2020). Why Is It Important to Minimize Waste in the Workplace?
https://work.chron.com/important-minimize-waste-workplace-10763.html

CASTOS, Channel
2019-101672
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Lovely Rose GriarteDecember 12, 2021 at 4:19 PM
Hello! My name is Lovely Rose Griarte and I am from the Bachelor of Science in Accountancy program. You know what? I have been hearing news about you that you are also an aspiring entrepreneur and that's great because lately, I am into discovering the success stories of certain businesses such as Toyota, Intel, and Nike. So, upon searching, I have noticed that there is a common practice being implemented in their operations which is Lean manufacturing.

Using this methodology helped them become more efficient and effective wherein they maximized the use of their inputs resulting in profitable performances. Those three businesses have mastered the minimization of waste and faulty products and enhanced their time management for faster conversion of the goods.

Aside from that, the waste reduction will not only make the business become successful but will also help the environment in preserving resources, energy, and reducing pollution. The management will save money on supplies, labor, time, reduce the expenses related to waste disposal, and lower the risk of future obligations associated with disposing of solid wastes. These practices will lessen the factors of environmental degradation caused by disposing and manufacturing unnecessary materials and will surely attract customers especially those who have environmental-friendly advocacies.

In case you have decided to establish your own business, there is this method you can use known as the 5S method which is a helpful guide to eliminate waste in the operation. It includes Sort (Seiri) or removing nonessential items; Straighten (Seiton) or organizing items for the efficient flow of process; Shine (Seiso) or cleaning the workplace to make the problems visible; Standardize (Seiketsu) or making the processes as your system of procedures for consistency; Sustain (Shitsuke) for maintaining the established standards over the long term. Proper implementation of these methods will result in efficiency, achievement of goals, and success of the business.

I hope those information helps you in any way possible. Thank you for your time. Have a great day!

Reference:

Lombardi, S. (2021). 4 Good Examples of Companies that Use Lean Manufacturing. Retrieved on December 11, 2021. https://refinedimpact.com/4-good-examples-of-companies-that-use-lean-manufacturing/

Sherman, R. (2017). How Your Business Can Cut Costs by Reducing Waste. Retrieved on December 11, 2021. https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes

Lean Six Sigma. (n.d.). 5S. Retrieved on December 11, 2021. https://www.leansixsigmadefinition.com/glossary/5s/

Griarte, Lovely Rose B.
(2019-105060)
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Dela Cruz, Joyce Ann N.December 12, 2021 at 4:32 PM
Hi there! Are you curious on how business organization manage their wastes? Are they using strategies to reduce their wasted resources? Techniques? How would they ensure environmental sustainability in the operation of their company? Is it part in achieving their success? If you are willing to learn about reduction of wasted resources of various companies, then, learn with me! Sit, relax and, hang in there for a while, let me just introduce myself. I am Joyce Ann N. Dela Cruz, an accountancy student at Rizal Technological University, and a future entrepreneur!
First, let's discuss what wastes reduction can do to a business. What its benefits?
- It can save money. Recycling program can cut costs of disposal.
- It can enhance sustainability. Remember that components of sustainability comprises of managing waste, water and energy more efficiently.
- It can help reduce greenhouse gas emissions. Waste prevention and recycling offer significant potential for reducing greenhouse gas emissions.
- It can help conserve resources. Reusing and recycling conserves natural resources.
See? There are many benefits of reducing waste not only for the business but for all people. The most effective way to reduce your personal and organization's wastes is to generate less in the first place. By improving and enhancing these programs, we can be of help, in a simple way, to contribute environmental benefits.
Just always remember and do the essential R's and D! These are:
*Reduce - for instance, encouraging employees to print only the papers they need.
*Reuse - it prolongs the life of materials, therefore, delaying the disposal.
*Recycling - can make the best use of resources available and conserving it for future generation.
*Donate - organizations can donate their products to others who need and can use the items. For example, if your company is selling perishable goods and can't sell within the day, you can give it to hungry people in the community.
Indeed, having these waste management and program can help the organization operates toward success as it benefits the business itself, the people and the environment.

References:
Epa.gov, (11 Nov. 2021). Managing and Reducing Wastes. Office of Resource Conservation and Recovery, Washington DC. Accessed Dec. 13, 2021. https://www.epa.gov/smm/managing-and-reducing-wastes-guide-commercial-buildings

DELA CRUZ, JOYCE ANN N.
2019-105673
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Mark Raven R. DizonDecember 12, 2021 at 4:55 PM
Hi, I’m Mark Raven R. Dizon from Accountancy Department of RTU-Boni Campus. I’m here to share you that the reduction of wasted resources is a key to business success. Are you paying attention to the waste your organization produces? My solution is to establish a waste reduction program.
• Save Money - increasing recycling can cut your disposal costs and improve your bottom line.
• Knowledge is power - By understanding the amount and types of wastes your organization produces, you’re better positioned to find ways to reduce hauling costs and negotiate for waste and recycling services that actually fit your needs.
• Streamline reporting and information sharing - Tracking your waste management activities in one platform and using a standard set of metrics, makes it easier to share and report information with stakeholders.
• Enhance sustainability - Managing waste, water, and energy more efficiently are core components of sustainability. Improving your organization’s sustainability can boost your corporate image, attract quality tenants to your properties and positively engage employees.
• Reduce greenhouse gas emissions - Waste prevention and recycling offer significant potential for reducing greenhouse gas emissions.
• Conserve resources - Reuse and recycling conserves natural resources including trees, metals and water.

DIZON, MARK RAVEN R.
2019-107007
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UnknownDecember 12, 2021 at 6:18 PM
Good day, everyone! I'm Chencel-Annmae Almodiel, a third-year accounting student at Rizal Technological University. And today, allow me to explain as to why waste reduction is a key to business success. So to start with, let me ask you a question. Does your business produce as much waste — or perhaps even more waste — today than it did from the previous year? If yes, then I have some tea for you! Did you know that reducing the amount of waste your business produces isn't just good for the environment, but it can also save your business money? With the cost of goods and materials rising, using resources efficiently and reducing your business waste makes good financial sense. The cost of sending waste to landfill is increasing, and so are the restrictions on what you can send. You can face penalties if you do not handle waste properly or have the right paperwork before it leaves your premises. However, by focusing on how to reduce your business waste, and how to deal with the waste that remains, you can save money and make your business more efficient.

Here are some of the key benefits of shifting from methods of waste disposal to processes of waste reduction: (1) You can save money through more efficient use of raw materials, packaging and technology. (2) It allows you to cut your waste disposal costs. (3) Compliance with environmental legislation becomes cheaper and more straightforward. (4) It will improve your brand image as it gives people the impression that you’re concerned about issues such as sustainability and reducing your carbon footprint because many people this days like to work with businesses that make an effort to care for the environment, and if you are taking steps to reduce waste, this could probably boost your reputation particularly among customers, suppliers, potential employees and insurers. Thus, having an understanding of these benefits of what waste reduction can have is an essential part of business success, regardless of its size or type.

References:
Emily W. (June 10, 2014). 8 new ways to reduce waste at your business. Retrieved Dec. 13, 2021 from https://www.greenbiz.com/article/8-new-ways-reduce-waste-your-business

Nibusinessinfo.co.uk (2021). Reduce your business waste to save money https://www.nibusinessinfo.co.uk/content/reduce-your-business-waste-save-money

Grabillo, M. (December 7, 2021). OPERATIONS AUDIT: DISCUSSION ASSIGNMENT WEEK 7. GLIMPSE OF A CPA’S MIND. https://markgrabillo.blogspot.com/2021/12/operations-audit-discussion-assignment_7.html

ALMODIEL, CHENCEL-ANNMAE F.
2019-105222
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John Patrick Abraham A. BentulanDecember 12, 2021 at 8:18 PM
Hello, my dear readers. I am Patrick Bentulan from CBET-01-502A, an aspiring practitioner in the accounting field. Without further ado, I would like you to understand the importance of being able to maximize the resources that you currently have to fully boost the outcome of the process. Let’s say for example, you are studying for an exam. Some would study relentlessly, while others study just to say that they studied for the exam. The idea is, you are studying. So, when you are studying, you focus on the necessary topics that needs to be understood, memorized, and mastered. However, while studying your phone lit up with a message from your friend sending you a funny TikTok video he saw. After you saw the clip, you decided to take a 5-minute break from studying. Those 5 minutes turned into 30, then 60, then eventually, you found yourself not studying. Examination day came and you failed the exam. You told yourself that you would be better but, in reality, these things keep on happening that it became a cycle.

The scenario that I gave happens frequently nowadays. This microscale phenomena may be witnessed on a macroscale as well. Where? In businesses. The “break” that the student had can be branded as “wastes” in the business context. Wastes as defined by TechSolve (n.d.), are the actions that does not add value to the customer. Examples of these wastes are defects, overproduction, waiting time, non-utilized talents, transportation, inventories, motion, and extra processing. Just like the student, businesses must be able to avoid those unnecessary actions that would ultimately falter the whole process. Why? Because these unnecessary actions build up cost or expenses that would lessen the overall profit of the business. Abby Jenkins (2020) mentioned that to one of the ways to maximize profits of a business you must assess and reduce operating costs and lower the overhead of the company. Here, it must be put into emphasis on as to how the organization must have control towards these wastes to achieve efficiency. The student and business must not overlook the implications that there current actions have and must always evaluate the possible outcome of all the “breaks” that they will have.

REFERNECES:
TechSolve (n.d.). 8 wastes of lean manufacturing. Retrieved on December 10, 2021 from https://www.techsolve.org/8-wastes-of-lean-manufacturing/

JOHN PATRICK ABRAHAM A. BENTULAN
2019-106909

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Joanna Elaine O. MacanipDecember 12, 2021 at 9:26 PM
Every business creates waste. It might be paper waste or unclean water that is dangerous and includes toxic pollutants. Regardless of the sort of waste, it still costs money, and it needs special handling and disposal. Hi! I am Joanna Elaine O. Macanip, a BSA student from Rizal Technological University. Today, I am going to discuss the reduction of wasted resources for an organization to obtain success.

Waste is defined as the loss of something beneficial when too much of it is consumed or used inefficiently or ineffectively. One of the key objectives of businesses is to make the most of their resources. But the issue today is driven by throw-away consumerism wherein businesses and manufacturers aim to maximize profits by making one-time-use items that do not prioritize reuse, recycling, or the use of environmentally friendly materials. Concerning this, preventing waste will save the organization money and the environment. Waste reduction is beneficial to any organization, regardless of size or type. Aside from cost savings, it may also assist the organization in improving worker safety, lowering liability, and improving community image. Furthermore, waste reduction also reduces pollutants, making your town and neighborhood a safer and healthier place to live. Reduction of waste also reflects industry leadership and adds to corporate social responsibility by lowering greenhouse gas emissions and the global health risks posed by our waste streams. Determine what wastes you create, identify waste control techniques, define objectives and goals, and get started are the essential processes that can help a business succeed. By following these crucial steps, you can assure that a small amount of work will result in a large amount of success. We can safeguard the business's long-term prosperity by recycling and properly managing wasted resources.

References:
Rinkesh. (n.d.). What is Waste Disposal? https://www.conserve-energy-future.com/various-waste-disposal-problems-and-solutions.php.

United States Environmental Protection Agency. (2021, November 2). Why Should You Care About Preventing Waste? Small Business Guide. https://www.epa.gov/p2/why-should-you-care-about-preventing-waste-small-business-guide.

MACANIP, JOANNA ELAINE O. (2019-103856)
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Sangol, Learein J.December 12, 2021 at 9:45 PM
Have you ever thought what does waste reduction can do to your life? How about business? Do you perhaps comes to the point where you're wondering "how" and "why" reduction of waste helps the business in its overall operation? Well, if you are, it's a great opportunity to meet you! Hi, I am Learein Sangol, from Accountancy department and today I'll let you explore the beauty and significance of proper waste management.

Waste is a resource that, when properly handled, can contribute to increase business efficiency. In order to achieve the business success, a company must develop an efficient waste reduction program. It may involves three primary steps: planning and preparation, establishing the groundwork, and implementing the program as part of company's everyday operations. Therefore, shifting from waste disposal methods to waste reduction strategies can have a number of advantages. It does not only saves money but it also reflects industry leadership and adds to corporate social responsibility. Specifically, its contributions to business success are the following:

- Compliance with environmental legislation becomes cheaper and more straightforward.
- Bring in new customers with an improved business image
- Reduce the occurrence and likelihood of worker exposure and workplace accidents.
- Protect the environment by diminishing demand for landfill space, saving resources and energy, and reducing pollution and boost environmental performance by increasing the efficiency of production

Furthermore, be noted that as an individual we are also responsible for our environment, so I'm encouraging you to continue practicing reduce, reuse, recycle method. In that way, we'll conserve natural resources, landfill space and energy.

Reference :
Sherman, R. (2017). “How Your Business Can Cut Costs by Reducing Waste”. North Carolina, USA. NC State Extension Publications. Retrieved December 12, 2021, from, https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes.

SANGOL, LEAREIN J.
2019-106977
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Patricia Lynn D. GuamosDecember 12, 2021 at 9:50 PM
Hello, my name is Patricia Lynn D. Guamos. I am studying at Rizal Technological University, taking up a Bachelor of Science in Accountancy. As a business student, I can confirm that reducing wasted resources is critical to business success. Shifting from waste disposal methods to waste reduction can provide several key benefits including; the ability to save money through more efficient use of raw materials, packaging, and technology, the ability to reduce waste disposal costs, the ability to reduce waste disposal costs, compliance with environmental legislation becomes less expensive and more accessible, the ability to improve reputation among customers, suppliers, potential employees, and insurers, and the ability to boost the morale of existing employees. There are ways for a firm to minimize the amount of trash it generates or transform it into something valuable. Source reduction is the most straightforward strategy to reduce disposal expenses. That is, by lowering the quantity of garbage generated by your company. When you buy and discard less material, you have less to get rid of. By assessing your company’s waste stream, you will most likely discover that you can eliminate a large portion of the garbage it generates. Material Reusing products in their present form is a cost-efficient method of reducing waste. It is usually cheaper to clean or repair products to be reused rather than buy new or recycled ones. Many products that cannot be eliminated or reused can be recycled. Energy and natural resources are saved, and environmental pollution is reduced when products are made from recycled rather than new materials. Your business can also cut disposal costs considerably by recycling. A large amount of the waste stream consists of organic materials such as food scraps and yard trimmings. These materials are usually the heaviest, and it costs more to remove heavy waste. Composting can take place on-site or at commercial or municipal facilities.

Rhonda Sherman (2017), How Your Business Can Cut Costs by Reducing Waste, NC State Extension Publications.
https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes

GUAMOS, PATRICIA LYNN D. 2019-103828

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Rhea Mae YugaDecember 12, 2021 at 10:12 PM
Hi, my name is Rhea Mae Yuga. As an aspiring CPA, my goal is not only focusing on maintaining the efficacy and efficiency of a company but also to supervise the business waste reduction. I am here today to discuss the importance of waste reduction especially to those big businesses. But first let me give you a brief knowledge on what is waste reduction. Waste reduction is the effective way to prevent waste by reducing or eliminating the quantity of resources initially consumed. In simple term, all businesses are responsible on managing their own waste. With this I want to present the different benefits of waste reduction that can contribute to the business success.

Firstly, it improves operational efficiency. Most of the businesses were doing recycling and they make good financial sense. Waste storage places can be cleaner, safer, and more sanitary. This is especially crucial in the culinary and hospitality sectors, as well as any business that deals with customers. Overflowing garbage bins and the potential problems they cause may be avoided with proper waste management. As a result, your obligation is reduced, and you can avoid any potential fines.

Secondly, remain compliant with local, national, and even global regulations and laws. Failure to satisfy these criteria might result in fines or the loss of vital operating licenses. Furthermore, these sorts of regulations are likely to become more prevalent in the coming years, especially as governments gain more control over how society handles trash in general.

Another is it can boost employee morale. Environmental sustainability and sustainable business practices go hand in hand, and good employee training will guarantee that everyone is on the same page. To put it another way, if your employees understand the need of improving both the local and global environment, they will be prouder of their workplace and your company.

Next is it improves brand image, a basic commitment to eco-principles and sustainability may be just as successful, linking your company with more ethical practices and providing more transparency to your customers.

And lastly, source new revenue streams through exploring new ideas to make new products or selling the raw materials to other businesses who might have a use for them. In any case, proper collection, storage, and distribution of these resources is critical, and effective sorting systems and dependable collections are essential for success.

Reference:
The Benefits of Waste Management for Business. (2019, April 2). RTS. Retrieved December 13, 2021 from https://www.rts.com/blog/the-benefits-of-waste-management-for-business/

YUGA, RHEA MAE D. (2019-103574)
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Catherine BulingDecember 12, 2021 at 10:42 PM
Hi! I am Catherine Buling, from the Accountancy Department of Rizal Technological University. I am here today to discuss how reduction of wasted resources is a key to business success. I want to start by defining waste in a business perspective.
Waste in a business perspective is not just about wasted materials, it talks about overproduction, waiting time, transporting, unnecessary paperwork or processing, defects, underutilized employees, etc (Murdock, 2017). To determine waste in your business, you must first understand how it is developed. Only by understanding where you're wasting money and resources in your company—whether it's on processes or on people —can you begin to reduce the waste. You need to know what waste you are producing as a result of your failure to embrace new technologies and analytical or quality control tools.

Materials and wastes provide an often ignored chance to improve a company's efficiency, cut greenhouse gas emissions, and save money. It also appears that the more you have, the more you waste, for both businesses and individuals. When used properly, technology can be a great tool to improve efficiency and productivity, but it can also be a huge cause of waste. We've actually gone a long way, with so much technology and invention, and yet we don't seem to be making the most of it. I encourage you to reconsider how you've always done things in your business and embrace technological advances, not because it is the trendy thing to do, but because you want to reduce waste and save money and energy for your business. You must also properly assess how and where to implement new practices or technologies to make your business operations more efficient. Also, one thing that you must always remember is that companies that invest in their employees are the ones who succeed. You must treat your employees as an asset and a resource, in that way you will motivate them to do their job properly and to be productive.

Reference:

Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor and Francis Group.

BULING, CATHERINE
2019-103626
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Shiela Mae D. AlcantaraDecember 12, 2021 at 11:35 PM
Reducing waste is a proven approach to enhancing business outcomes such as greater consumer satisfaction, increased profit, and a motivated workforce. Hello, my name is Shiela Mae D. Alcantara, and I am an accountancy student. As we can see, many businesses deal with various sorts of waste on a daily basis, and they are all striving to minimize and reduce this waste. Waste is produced throughout a product's life cycle, beginning with the extraction of raw materials and continuing through transportation, processing, production, usage, and disposal at the end of its useful life (DEEP, n.d.). Most businesses monitor every detail of their operations in order to develop an effective plan and propose a solution to this problem.

Waste reduction enables businesses to operate more efficiently, motivates employees, and protects the local environment. Each of these factors contributes to a business's success. By reducing waste, businesses can maintain their quality and productivity. This can result in cost savings and an increase in output. When businesses do not continue to waste their employees' efforts and potential, their employees are capable of doing an excellent job of producing a high-quality product and delivering exceptional service. Employees will perform their duties efficiently and happily in the appropriate environment (Nelson, n.d.). However, in an improper setting, where processes fail employees, delays and poor planning may occur. Furthermore, improper waste disposal can be hazardous, with environmental and legal consequences. Every business seeks to avoid being at the epicenter of an environmental crisis. It would be detrimental to their brand and could result in customer loss.

Waste management contributes to an organization's sustainability. It is a stepping stone on the path to continuous progress that benefits people, the planet, and profit. Waste reduction can aid businesses in their success if they act now rather than waiting for the right time.

References:
Department of Energy and Environmental Protection (n.d.). Waste Reduction. https://portal.ct.gov/DEEP/Reduce-Reuse-Recycle/Waste-Reduction/Waste-Reduction-Main-Page
Nelson, N. (n.d.). Identifying and addressing employee turnover issues. https://www.wolterskluwer.com/en/expert-insights/identifying-and-addressing-employee-turnover-issues

ALCANTARA, SHIELA MAE D.
2019-103506
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Ghenalyn ManabatDecember 12, 2021 at 11:40 PM
Did you know that waste is a resource that, when properly managed, may contribute to greater profitability? Hello! I am Ghenalyn Manabat, a third-year student at Rizal Technological University pursuing a Bachelor of Science in Accountancy. Do you have a business? Or are you planning to start your own business? Well, this is perfect for you. You must be aware of this thing, the waste. It is defined as anything that no longer serves a purpose and must be disposed of; it is inevitable. These are 8 wastes: Defects, Excess processing, Overproduction, Waiting, Inventory, Transportation, Motion, and Non-Utilized Talent. Incurring zero waste is impossible in every business, but ways to reduce it are possible. Surprisingly you can turn your waste into profit. Your future company will undoubtedly save more money if you concentrate on reducing waste. Shifting from waste disposal to waste reduction may give many substantial benefits. Here is how waste turns into a profit. First, It saves money by cutting costs. It assists you in saving money on waste disposal by making better use of raw materials like packaging and technology. Next, comply with the regulations; since environmental standards must be followed, you are safe from the possible penalties. In addition, reducing waste will guarantee that all raw materials supplied into production are turned into a saleable product. But not so many that it produces oversupply, since this may lead to a decrease in the quality of the finished product and a decrease in sales. Thank you very much! I hope you learned something and are excited to begin a business now!

Reference

Nibusinessinfo.co.uk. (n.d.). Advantages of reducing waste. Retrieved December 13, 2021, from, https://www.nibusinessinfo.co.uk/content/advantages-reducing-waste.

NC State Extension Publications. (n.d.). How Your Business Can Cut Costs by Reducing Waste. Retrieved December 13, 2021, from, https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes.

Gay, C. (2021, December 9). 8 Wastes Of Lean Manufacturing. MachineMetrics. Retrieved December 13, 2021, from, https://www.machinemetrics.com/blog/8-wastes-of-lean-manufacturing.

MANABAT, GHENALYN A. - 2019-103679
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Jana LoreñoDecember 12, 2021 at 11:53 PM
Part (1/2)

Businesses aim to pursue their missions but it does not mean it will be flawless or go very smoothly; there will always be dysfunctions in a day-to-day operations. These dysfunctions are called “waste” because it affects the quality and work outputs of the business. According to Murdock (2017), waste occurs when it is unable to use in the most appropriate and effective manner resulting to high consumption or underutilized financial resources. So, for entrepreneurs and aspiring entrepreneurs, let me ask you these questions: who would not want to maximize the usage of the resources without wasting so much time, materials and effort? What should you do so that you will not suffer from that loss?

The solution to those questions is to work on the efficiency of the business. This highlights the importance of designing the processes or systems carefully so that a management can provide proper planning and proper execution. When a business wants to improve efficiency, other important functions of management— planning, organizing, staffing, directing, and controlling— will be linked together. From the first and most critical function, the planning process, management has to think outside the box. In the beginning, they should first ensure whether the designed plans are creative, effective and resourceful. They have to analyze which among the options can maximize the utilization of available resources. Planning has a domino effect on the four remaining functions; they would functions accordingly to what has been planned.

LOREÑO, JANA U
2019-101799
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UnknownDecember 13, 2021 at 12:15 AM
Hello, it's great to meet you! My name is Coline Bertiz, an aspiring accountant enrolled at RTU. I'm here to discuss with you how to reduce squandered resources in order to run a profitable business. So, if you are an entrepreneur, you should be interested in this since you understand how vital it is. To begin, I'd like to provide you a breakdown of what you can learn from this pitch. This will include the definition of waste reduction, the value of waste reduction to humanity, and how it will contribute to the success of the firm.

The preferred method of waste management is waste reduction (or prevention). It is the technique of consuming less material and energy in order to reduce waste and conserve natural resources. But, in addition to the literal definition, waste reduction also entails financial savings. When waste-reduction methods are employed, fewer materials and energy are used. A cradle-to-cradle system is used instead of the traditional cradle-to-grave method. Waste reduction include methods for preventing materials from becoming garbage before they reach the recycling stage, as well as techniques to prevent materials from becoming waste before they reach the recycling stage. Waste reduction includes reusing products, donating products and purchasing products to offer environmental benefits.

Waste reduction is essential for it conserves resources for future generations and aids in environmental cleanup. It is significant because it protects the environment while also ensuring the health and safety. Correct waste management can result in the availability of valuable materials that can be reused. This has the potential to save money while also creating new job opportunities and business opportunities. Reducing, reusing, and recycling your garbage is not only beneficial to the environment, but it can also save you money. It reduces the amount of garbage that must be disposed of, conserves landfill space, and protects natural resources. Waste management has an impact on public health as well. Harmful wastes can cause long-term health problems, so it's critical that they're disposed of properly and carefully, rather than being mixed in with regular household or commercial trash.

Waste reduction can make a significant contribution to the achievement of the company's objectives. Having this can help a company save money on supplies because it reduces the amount of money that must be spent. It also conserves natural resources and energy, reduces current waste disposal costs and hedges against future increases in disposal costs, meets customer demand for "green" products and environmentally conscious businesses, avoids adding to the environmental burden caused by producing and disposing of unnecessary materials, boosts employee morale by allowing employees to collaborate on an environmental project, and reduces the risk of future liability associated with waste disposal.

With this, simple things that we can do can be a big help not only for the benefit of others, but also for the benefit of the business.

Reference:
‌CENGAGE (2018). Waste Reduction. Retrieved Dec. 13, 2021 from https://www.encyclopedia.com/earth-and-environment/ecology-and-environmentalism/environmental-studies/waste-reduction
‌EPA (2021). Managing and Reducing Wastes: A Guide for Commercial Buildings. Retrieved Dec. 13, 2021 from https://www.epa.gov/smm/managing-and-reducing-wastes-guide-commercial-buildings
‌Sherman, R. (2017). “How Your Business Can Cut Costs by Reducing Waste”. North Carolina, USA. NC State Extension Publications. Retrieved Dec. 12, 2021 from https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes

-Bertiz, Coline B. (2019-100749)
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Helen Grace GarciaDecember 13, 2021 at 12:29 AM

Good day, everyone! My name is Helen Grace M. Garcia, from the Accountancy Department. Today, we'll discuss "waste." Do you know that reducing and managing waste is critical to a business's success? If you're curious, let's get this discussion going.
Waste is anything that no longer serves a purpose or is discarded into a trashcan. Right? But have you ever considered that the wastes are where we spend our money? and we just throw them away recklessly! If you own a business and your operations generate a lot of waste, you should be concerned and begin reducing and managing waste. But how?

The first step is to conduct a waste assessment, which will assist in identifying waste reduction areas to focus on; modify current practices, launch a program, and enhance your company's zero-waste initiative by reducing, reusing, recycling, and composting as much as feasible.

Here are some approaches for reducing waste.

• Spend less on supplies. Reuse paper, don’t print recklessly, and, if necessary, store documents electronically.
• Invest in high-quality, durable equipment.
• Enhance inventory files to prevent items from expiring and becoming useless.
• Avoid purchasing disposable items.
• Conserve energy and natural resources.
• Produce environmentally friendly products and be an ecologically responsible business.
• Minimize the environmental impact of unnecessary items.
• Lessen the risk of future liability associated with solid waste disposal.

Repurposing things in their current state is a cost-effective way of reducing waste. Cleaning or repairing items so they can be reused is often inexpensive than purchasing new or recycled products. Organic waste, such as food scraps and yard clippings, accounts for a major portion of the waste stream, and removing heavy garbage costs more. So, to save, this waste can be composted on-site, at a commercial or municipal facility, or both. Additionally, educate, encourage, promote, and implement green initiatives for employees and clients.

Therefore, through proper waste management and reduction, businesses will achieve success while also making the environment a better place to live in by humans, and other living things. Also, to sustain business profitability, and sustainability, your environmental program must become a part of your company's fundamental operational principles and values.

Reference:
Sherman, R. (2017, March 30). How your business can cut costs by reducing waste. Water Quality & Waste Management. https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes
United States Environmental Protection Agency (EPA). (2021, November 05). Managing and Reducing Wastes: A Guide for Commercial Buildings. https://www.epa.gov/smm/managing-and-reducing-wastes-guide-commercial-buildings#business

GARCIA, HELEN GRACE M. (2019-106976) CBET01-503A
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FBDecember 13, 2021 at 12:34 AM
Part 01/02

Good day, everyone! I am Frandian Blanco, a third-year student from the accountancy department in Rizal Technological University-Boni Campus. I am here to discuss why waste reduction is crucial to business success.

It is a piece of common knowledge for all of us that every business from small to big companies produces waste. Excessive production, defects, underutilized employees, and unnecessary inventory are examples of waste areas. If not properly managed, these waste resources and materials could backfire on an enterprise. Also, the waste resources could make your operating expense higher, leading to a lower profit margin. With the previous statements, we can affirm that waste reduction is essential and compulsory to increase profitability and better utilize the limited resources operated by most businesses (Murdock, 2017).

FRANDIAN A. BLANCO, 2019-103951
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Eleonora Laura A. CortezanoDecember 13, 2021 at 12:37 AM
A pleasant day to everyone! My name is Eleonora Laura A. Cortezano, from the Accountancy Department. I am here to discuss about reduction of wasted resources and how to maximize our resources.
Office buildings, schools, retailers, hotels, restaurants, and other commercial and institutional structures generate a lot of waste. Many firms are satisfied with simply establishing a waste collection system. Waste management is receiving more attention, and proactive firms are realizing the benefits of implementing a waste reduction program. First, we should promote recycling to save money by lowering disposal expenses and improving your bottom line. Because knowledge is power, you'll be better positioned to find solutions to cut hauling expenses and negotiate for garbage and recycling services that really match your needs if you understand the number and types of wastes your company produces. Third, tracking your waste management activities in one platform and using a consistent set of indicators makes it easier to communicate and report information with stakeholders through streamlined reporting and data sharing. Then, more efficiently managing trash, water, and energy are key components of sustainability. Improving your organization's sustainability can help to improve your corporate image, attract excellent tenants to your buildings, and positively engage staff, all of which can help us to be more sustainable. Following that, waste prevention and recycling offer tremendous possibilities for decreasing greenhouse gas emissions, allowing us to cut greenhouse gas emissions and prevent additional harm to the ozone layer. Finally, recycling and reuse protect natural resources such as trees, metals, and water, allowing us to conserve our resources.
The number of recyclables and rubbish taken from your facility offers you an idea of how well your waste management program is working — data on waste production and recycling rate. A waste assessment, on the other hand, is essential for gaining insights into how to improve. A trash assessment will give you with crucial information that will help you identify waste reduction options.
A waste assessment or audit is a thorough examination of your building and operations to determine the quantity and composition of waste items. Knowing what goes into waste allows you to design your waste reduction program more efficiently.

References:
US EPA. (2021, November 5). Managing and Reducing Wastes: A Guide for Commercial
Buildings. Retrieved December 13, 2021, from
https://www.epa.gov/smm/managing-and-reducing-wastes-guide-commercial-buildings

Cortezano, Eleonora Laura A. (2019-103875)
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Salapare, DaryllDecember 13, 2021 at 1:09 AM
Hello, my name is Daryll Salapare, and it's great to meet you. I'm a student from RTU – Boni Campus' Department of Accountancy; if you're intending to start a business and want it to succeed, don't worry; I'm here to explain why reducing wasted resources is crucial to business success.

Waste is a resource that, when properly handled, may contribute to increased corporate efficiency. You want to cut waste and be as efficient as possible, but in order to do so, you must first appreciate your finished product. It all boils down to one simple rule: get to know your consumers and figure out what their most pressing needs are. That way, you can be confident you're making high-quality items that your consumers will pay for while wasting as few resources as possible during the manufacturing process.

The following are some of the benefits of waste reduction in your company:
-By making better use of raw resources, packaging, and technology, you may save money.
-It helps you to save money on garbage disposal.
-Environmental compliance becomes less expensive and easier.
The amount of money you may save by properly managing waste is determined on the type of your business. By minimizing the quantity of raw materials and waste water used in manufacturing operations, a manufacturer, for example, will likely save more than an office-based organization.

Reference

Nibusinessinfo.co.uk (n.d.). Advantages of reducing waste. Retrieved December 13, 2021, from https://www.nibusinessinfo.co.uk/content/advantages-reducing-waste

-Salapare, Daryll A. (CBET-01-501A)
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UnknownDecember 13, 2021 at 1:33 AM
Waste management refers to a collection of procedures for treating, handling, disposing, or managing waste materials. According to the World Bank, the world produces 2.01 billion tonnes of municipal solid waste each year, with at least 33% of that going to landfills, and this number is predicted to rise as time goes on. As a result, every firm should contribute to trash minimization as a critical success component. (The World Bank)

Reducing a company's waste materials can help the organization reach its goals and objectives more effectively and efficiently. There are numerous advantages to minimizing waste materials, including cost savings. By lowering the usage or production of waste materials, a business's operational costs will be reduced. It also helps to prevent our environment from degrading due to excessive trash pollution. Reducing waste material also satisfies a legal requirement as an entity that contributes to waste. It is also your obligation to handle your own waste, therefore adhering to this may spare you from long-term troubles such as penalties and other legal liability. It also aids in the enhancement of the company's reputation and corporate image, as well as having a favorable impact on customers, employees, and investors, all of which will enable you to seize additional possibilities in the future.

As a result, becoming a corporate environmental steward by minimizing waste or just practicing proper management will benefit both the company and the environment.

The World Bank. (n.d.). WHAT A WASTE 2.0 A Global Snapshot of Solid Waste Management to 2050. Retrieved December 13, 2021, from https://datatopics.worldbank.org/what-a-waste/trends_in_solid_waste_management.html
Chron Contributor. (2020, June 22). Why Is It Important to Minimize Waste in the Workplace? CHRON. Retrieved December 13, 2021, from https://work.chron.com/important-minimize-waste-workplace-10763.html
Waste Minimisation for Business. (n.d.). Moray Council. Retrieved December 13, 2021, from http://www.moray.gov.uk/moray_standard/page_96617.html

SALUTIM, HERSHEY MAE D.
502A (2019-106961)
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Rochel BulataoDecember 13, 2021 at 1:47 AM
Hello everyone! I am Rochel Bulatao a third year accounting student at Rizal Technological University and I am here to tell you why I believe that if businesses were able to reduce the wasted resources and they work efficiently it will help the business have its success.

Wasted resources accumulated by the business are included in the company’s cost of production, which is why I believe it is vital for them to figure out how to eliminate it. Some of the benefits of organizations reducing waste include the ability to save money through more effective use of raw materials, packaging, and technology, as well as reduced disposal expenses that may be used to produce higher-quality products. It will also minimize the possibility of future liability related with solid waste disposal. Next, complying with environmental regulations becomes less expensive and easier since you may actually help the environment by reducing waste materials and in addition you can also avoid adding to the environmental burden created by the production and disposal of unnecessary materials. As a result, you will be able to attract more customers, particularly those who are looking for "green" products and businesses that are environmentally conscious. You will also proved that you are serious about your environmental responsibilities that can improve your reputation among customers, suppliers, potential employees, and insurers.

REFERENCE:
N.C. Cooperative Extension (2017). How Your Business Can Cut Costs by Reducing Waste. Retrieved from: https://content.ces.ncsu.edu/how-your-business-can-cut-costs-by-reducing-wastes#section_heading_9816

Rochel M. Bulatao

2019-101054
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Fritz Reizen LopezDecember 13, 2021 at 2:06 AM
Part (1/2)

Good day to everyone!

Have you ever try to ask yourselves with what do businesses do to achieve their success? Is being efficient with resources have a huge impact to the production? or how do each of the businesses handle wasted resources? Hi! My name is Fritz Reizen V. Lopez, an aspiring CPA, asking for your time to read about my insight on how the reduction of wasted resources is a key to business success. During the time of production, it is evident the one company could not avoid these wasted resources. One of the major concern on each business is how could they handle these. As a working student, I was thought that when identifying the problem, we should provide a resolution and afterwards ask ourselves if the resolution we provided is impactful. In relation to this, an excessive wasted resources could lead to a problem that needs an impactful resolution because these reflects on how efficient an entity is when it comes to their limited resources. According to Sherman (2017), an Extension Solid Waste Specialist, stated the benefits of managing waste materials such as: save money on supplies; conserve natural resources and energy; reduce current waste disposal costs and hedge against increased future disposal costs; meet customer demand for "green" products and environmentally conscious businesses; avoid adding to the environmental burden caused by producing and disposing of unnecessary materials; boost employee morale by giving staff members an opportunity to work together on an environmental project; and reduce the risk of future liability associated with the disposal of solid wastes.

LOPEZ, FRITZ REIZEN V. (2019-103689)
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AnonymousDecember 13, 2021 at 2:31 AM
“Do something fantastic, cut the plastic” Hi everyone! I am Rence Louiese E. Retone, from the College of Business and Entrepreneurial Technology specifically from the Accountancy Department. If you are reading this you might be curious on how to maximize your resources and reduce the wasted resources. Because the projected annual waste of the Philippines is at 18.05 Million Tons by 2020, according to the latest Solid Waste Management Status Report (2008-2018) and it keeps on rising that’s why it is very critical that we learn and innovate our practices on how to reduce our wasted resources in order to help the ecosystem and your business.

Does your company noticed that they are incurring a lot of expenses due to materials and stuff that resulted into increase in producing costs and pricing? Then it might be a good idea for your organization to reconciliate and think about the things that needs to be considered in order to lower your wasted resources and increase sales at the same time saving the ecosystem. But in order to achieve those goals you need to reconsider some things like:

Re-auditing your organization waste management control and reconsider if your organization can switch to decomposable or recyclable products. Also, re-evaluate the materials used in your products and see if those can be reduced in terms of like packaging and such. In addition, reconsider on switching your production process into an eco-friendlier process, like installing solar panels and use it as an alternative to electricity for small wattage consumption. By doing those ways mentioned it is beneficial for any organization because it can result into saving money, reduced production costs, it also meets the legal obligation, and it enhances the reputation of your business or organization.

Reference:
15 Statistics about Solid Waste Management in the Philippines that Every Filipino should Know (Updated 2021!) https://enptinio.com/statistics-philippines-solid-waste-management/
8 new ways to reduce waste at your business https://www.greenbiz.com/article/8-new-ways-reduce-waste-your-business

-RETONE, RENCE LOUIESE E. (2019-105248)
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Ellen Grace TanhuecoDecember 13, 2021 at 2:33 AM
This comment has been removed by the author.
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Loneil NeriDecember 13, 2021 at 2:35 AM
Hi! This is Loneil Neri, and I'm going to tell you a thing that is very important to the Business World. To explain, every business in the world has a different mission and vision. However, there is always one thing in common, that is their mind wants the Business to succeed. But then, there are companies and individuals who have failed to achieve that success, despite their efforts. This occurrence of failure happens when you forget to consider the reduction of wasted resources. It is simple and disregarded by many without knowing it is the key to business success. Wasted resources will determine how the business use their resources productively. The amounts of it will determine how effective the operational program and activities are. A large amount means insolvency of the business in the future, and therefore a failure. Just, for example, overproduction, yes, it is necessary that a business has a given output in excess of what is required. It is a backup to avoid shortage of supply and also to reduce fixed costs. However, are big numbers of excess will really help the business to reduce the total cost? No, because the company will acquire more expenses to store these excess outputs. Another, every output needed to be released and sold within a certain time. Because it is subject to the risk of theft, damage, and expiration for perishable goods. When the company does not control those risks, all the costs, such as services, labor, overhead, will be part of wasted resources. And business will be insolvent when they continuously acquire unnecessary costs due to wasted resources.

References:
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Pickett, S. K. H. (2010). The Internal Auditing Handbook (3rd ed.). Wiley.

Student name: Loneil Bert L. Neri
Student number: 2019-105281
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Ellen Grace TanhuecoDecember 13, 2021 at 2:38 AM
Hola! I'm Ellen Grace Tanhueco, your waste-concerned comrade. Did you know that waste is more than just a physical form? Not just a tangible trash or something personal and environmental. Because in a broader point of view, it dresses in varieties and stresses businesses as well more than we all know.

Have a complex workplace layout? Idle machineries? Production bottlenecks? Misutilized employee skills? Well, that all equates to having WASTE. And waste never produces something good, doesn't it? Most importantly, producing too much of it never lets a business grab a win. With more waste, you incur more production cost, the less efficient your business will be, and the lesser chance your business gets to profit more.

And if you're already an entrepreneur striving for your own business to progress substantially, you might want to consider doing some general cleaning through the lean methodology. Familiarize yourself with the 8 areas of wastes, spot its existence on your business, and correct and modify your processes and systems accordingly, so that what reflects on the products and services that your business offers is its legitimate value.

Waste, as you may be aware, has its price. It might be in the form of unsatisfied customers, messed up production, drained profitability, or worst, industry exit. So, organizations, businessmen, as well as aspiring entrepreneurs must take it seriously and proceed with prudence in order to attract the opposite effect and result, that is, the venture's success.

- Ellen Grace B. Tanhueco (2019-100741)
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Charlotte GestaDecember 13, 2021 at 2:56 AM
1/2

Hello, I am Charlotte, from Accountancy Department and a future auditor.

Did you know that, according to Murdock (2016), organizations suffer various degrees of dysfunction during day-to-day operations? It is due to the organization's inefficiency in managing its resources and wasteful processes.

There are eight areas of wastes in an organization. First are defects that typically result in either reworking or scrapping the product, which adds additional costs to the organization (Skhmot, 2017). Second, overproduction results in more handling costs of overproduced products (Murdock, 2016). The third is waiting, which costs additional labor and overhead costs (Skhmot, 2017). Fourth is not utilizing people's talents, skills, and knowledge. It wastes unused human talent and ingenuity and results in decreased productivity (Skhmot, 2017). Fifth is too much transportation that tends to increase costs, wastes time, and increases the likelihood of product damage and deterioration (McGee-Abe, 2015). Sixth is unnecessary inventories that can lead to problems, including product defects, greater lead time in production, and an inefficient allocation of capital (Skhmot, 2017). Seventh is motion waste that can cause financial and time waste (Shkmot, 2017). And lastly, excess processing refers that adds more work and increases costs and consumption of time and resources (Skhmot, 2017).

Gesta, Charlotte G.
2019-100594
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