financial crises which can be avoided by following proper safety culture. [15] Bhopal Incident: The chemical disaster at Bhopal, India which occurred on 2nd Dec 1984was the one of the deadliest incident in the chemical industry. Due to that incident hundreds of people died from the effect of toxic gasses including over twenty thousand people needed hospital attention. [15] The incident happened in the chemical factory which was handling methyl isocyanine gas (MIC). The tanks containing methyl isocyanine
relevant factors. This continuous process of bringing such information up to date is crucial for strategic management as well as operational activities. • Ad hoc Approach: Ad hoc approach is concerned with occasionally conducting special surveys and studies to take care of specific environmental issues. Usually, organisations use this approach when they need to undertake special projects, assess the current strategies or develop new
Alavi and Shanin (1982) hypothesised what is now the reality for many developing countries including the Caribbean today. They surmised “Suppose giant corporations succeed in establishing themselves as the dominant form of international enterprise and come to control a significant share of industry in each country. The world economy will resemble more and more the United States economy where each of the large corporations tends to spread over the entire continent and to penetrate almost every nook
and customs, has screened off (abru) a part of the street, or closed the path or thrown dirt and sweepings on the road, or if anyone has seized the portion of the bazaar area reserved for public traffic and opened his shops there; you should in such cases urge them to remove the violation of regulations.”
1.1 INTRODUCTION TO THE STUDY Asset Management involves the corresponding of costs, opportunities and risks against the desired performance of assets, to achieve the organizational objectives. This harmonizing power need to be considered over different time frames. Asset also enables an organization to examine the need for, and performance of, assets and asset systems at various levels. Additionally, it enable the application of analytical approaches towards managing an asset over the