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exxon mobil introduction
exxonmobil financial case study analysis
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III Change and Innovation Management Model i. Integrating Change Management with Innovation Exxon’s change management model is a disciplined management framework known as the Operations Integrity Management System (OIMS) (Exxon Mobil, n.d., para. 2). With OIMS, Exxon describes their commitments to safety, security, health, environment, and product safety (Exxon Mobil, n.d., para. 2). Specifically, OIMS includes eleven elements across Exxon Mobil, which considers design, construction, and operations in each element (Exxon Mobil, n.d., para. 3). The management team at Exxon integrates change management within their organization by upholding the OIMS framework, to address and mitigate their industry’s intrinsic risks (Exxon Mobil, n.d., para. …show more content…
5 - 16). In element I, for management accountability, managers are directly responsible for encouraging the adoption of corporate initiatives within their direct area of control, which is essentially a trickled-down approach (Exxon Mobil, n.d., para. 5). In element 2, for risk management, qualified and experienced individuals must continuously review and assess risks, and suggest mitigating actions to mitigate the risk or solve the issue entirely (Exxon Mobil, n.d., para. 6). Then, the acceptable risk moderating changes and innovations require documentation on the risk ledger (Exxon Mobil, n.d., para. 6). In element 3, …show more content…
11). Essentially this element covers the evaluation and management of all changes in operations, procedures, standards, operating plants, and within the organization to keep risk at a manageable level (Exxon Mobil, n.d., para. 11). Furthermore, this element deals with the approval, review, and implementation of temporary and permanent changes (Exxon Mobil, n.d., para. 11). In addition, this management of change process addresses the authority to approve changes, analysis for operational integrity, ability to comply with regulations, procurement of applicable permits, management of change documentation, time scope limitations, and risk reducing measures (Exxon Mobil, n.d., para.
Exxon Mobil Corporation- Exxon Mobile (NYSE: XOM) didn’t have a good start to the year, but the fourth-quarter results helped the company’s share to rise nearly 7% despite a disappointing financial performance. Its shares are now up approximately 3% year-to-date. The company for the quarter reported earnings of $0.67 per share, a slump of 57% as compared to earnings of $1.56 per share in the fourth-quarter of 2014. This decline in earnings is driven by weakness in the commodity market that has impacted its upstream business significantly.
Exxon Mobil is a great example of a corporate giant. It all started in 1870, when JD Rockefeller founded U.S. Standard oil a company that will go on to be the most profitable in the world. In 1911 the company split up into 34 different companies, amongst these companies was Vacuum oil company that will later be called Mobil Oil and Jersey Standard which was renamed to Exxon corporation. In 199 the two companies decided to work together again, this was the birth of Exxon Mobil.
Change management in the form of policy that empowers employees to make decisions about product development and ensures the decision focus aligns with the grand strategy. The key success factors lie in maintaining high product quality, high product performance, and keeping track of what the competitions is doing. Risk is quite low and manageable through practices that include ensuring the market needs and wants are met and that quality control is applied during program development and delivery.
Chevron Corporation is a one of America’s multinational energy-producing company that yields safe and efficient energy to others. It was established in 1879 during which they dealt with the energy products such as oil, gas, and geothermal energy industries. Geothermal energy industries include marketing, refining, production, exploration, and sales. Chevron has been a successful standard oil-manufacturing that is widely recognized throughout 180 quarters across the world and resides in San Ramon, California. Chevron Company has been renamed continuously, ranging from Standard Oil Co. in 1911, Standard Oil Co. of California in 1926, to the finally Chevron Corporation in 1984 as the company has been using the chevron retail brand name for many
The article “Organizational Change management” is majorly based on addressing and evaluating different literatures and views related to the organizational functions in terms of change management and the impact of behavioral changes and psychological contract within employee and employer on the proper execution and success of change management. The illustration of organizational change management has highlighted different approaches adopted and executed by number of organizations. The rapid changes in economical and political factors of external business environment as well as the introduction of complex and globalized business practices has influenced a number of businesses to accept the practice of continuous change management in terms of coping up with the competitive environment.
Organizational change is a very big risk for organizations. The process of change can be very difficult for employees as well as the leaders implementing the changes. The changes are usually planned to improve the company. However, sometimes change can destroy a company when things don’t go as planned. From a change in management to a change in the company structure, or way of doing daily task, organizations must carefully execute the process of change and use change strategies that will ensure success.
Changes occur within every industry. Without change, the competition will leave you struggling to survive. The concept of change management is something nearly every business today practices, but how businesses manage this change varies dependent upon the business, the change, and the people involved. Success in change management depends on how much people within the organization understand the change process. Lewin’s model helps organization’s to have a better understanding.
Shell Petroleum Development Company of Nigeria (SPDC) is a multinational company based in Nigeria for the last 50 years dealing with petroleum products. Apart from offering exploitation and drilling of oil in Nigeria, shell has ventured in the power generation to serve the small and medium enterprises in Nigeria. The production of oil takes place in the Nile Delta region which stretches 30km2 where the company is working in 90 oil fields with a total of 1,000 oil wells. This paper provides a long term strategy that will ensure that the company will be able to expand and be able to withstand both social and political pressure
Southwest Airlines is an extraordinary business in the history of American airlines. It has been a competitive leader in the airline industry with the legendary. To better analyze the management of change in Southwest Airlines, it is important to understand what is management of change and how it works. Management of Change, or MOC, is a best practice used to ensure that safety, health and environmental risks are controlled when a company makes changes in their facilities, documentation, personnel, or operations (Gabele Eduard, 1981).
No matter which type of industry is discussed change management is an essential component in today's ever-changing business environment. To better understand this concept it should be recognized that change management is not just a task to be checked off and considered finished instead, it is a constant process that should be undertaken with a sense of urgency, implemented swiftly, and monitored continuously to ensure a successful transformation. To illustrate the knowledge of the change management process throughout the simulation, the learner is assigned the task of providing the information necessary to build a culture in which to sustain change. Using the key concepts identified throughout the course is essential in the accomplishment of the assigned task.
Identify the potential risks which affect the company and manage these risks within its risk appetite;
Performance management is crucial for an organization going through transition especially since employees are the most affected. Most of the employees are undergoing a career crisis since most them have to adjust personally and professionally to the new work environment, an obligation that is not that easy but has to be implemented if one wishes to keep their job. BP Oil on the other hand, has the mandate of helping their employees in the transitional period since the employees need some time to adjust to their new working environment. It is for this reason that the management of the organization is mandated to practice efficient transitional management otherwise it will lose many employees both skilled and none skilled
1. Integrated strategic change. This comprehensive OD intervention describes how planned change can make a value-added contribution to strategic management. It argues that business strategies and organizational systems must be changed together in response to external and internal disruptions. A strategic change plan helps members manage the transition between a current strategy and organization design and the desired future strategic orientation.
Organizational change is a process of developing a strategic plan for modifying an enterprise’s business processes through the modification of policies, procedures and processes to move the organization from an “as is” state to a “to be” state.
The world is constantly changing in many different ways. Whether it is technological or cultural change is present and inevitable. Organizations are not exempt from change. As a matter of fact, organizations have to change with the world and society in order to be successful. Organizations have to constantly incorporate change in order to have a competitive advantage and satisfy their customers. Organizations use change in order to learn and grow. However, change is not something that can happen in an organization overnight. It has to be thought through and planned. The General Model of Planned Change focuses on what processes are used by the organization to implement change. In the General Model of Planned Change, four steps are used in order to complete the process of change. Entering and Contracting, Diagnosing, Planning and Implementing, and Evaluating and Institutionalizing are the four steps used in order to complete the process of change in an organization. The diagnostic process is one of the most important activities in OD(Cummings, 2009, p. 30).