describe the triple bottom line

Expert Solution

Triple bottom line is another name for the sustainibility form of an organisation. It has 3 elements in it also known as the 3-P's:

People: With this element the company tries to improve the quality of life of the people. This includes the employees of the company and the whole community where a company performs its business. This can be considered as the amount of benefit the society as a whole is getting from that company.
Planet: This relates to the environmental improvement. Since the great debate about the environment degradtion and global warming a lot of companies has shifted their focus towards using environmental friendly processes, incorporation CSR doing work to support the environment.
Profit: This element is just the money that a company is making out of its business. Now a days the definition of Profit is also evelving. Eg: Many companies are focussing on waste recycling so as to cut down their expenses and increase the overall profit.

It is an accounting framework that focusses on three type of performances: Social (People), Environment (Planet) and Financial (Profit). This makes it an expansion of the traditional framework that was into practise till now.

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keosha answered 4 days ago

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