Vaishali School of Economics

Green economy: A pathway towards sustainable development

The recent traction for a green economy concept has no doubt been emerged by widespread disillusionment with our prevailing economic systems, a sense of fatigue arising out from the many concurrent crises and market failures experienced during the very first decade of the new millennium, especially the financial and economic crisis of 2008. But at the same time, the world has seen increasing evidence of a way forward, a new economic paradigm – one in which material wealth is not delivered at the expense of growing environmental risks, ecological scarcities and social disparities.
In response to the growing climate crisis, a wave of green technologies, expertise and energy sources have emerged. As a result, it has now been recognised the emergence of a green economy, one that harnesses human invention to tackle existential issues for the planet, and provide the engine for the economic growth and job creation of tomorrow.
The importance of decarbonisation has been recognised for decades, and much progress has been made. But the green economy is about far more than that. This definition encompasses all the primary and secondary effects of the global commitments made at COP21(21st Conference of Parties) and followed up at COP26 in 2021 to create a much broader and deeper understanding of the Green Economy opportunity.
A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims at sustainable development without degrading the environment. The green economy is an economic model which not only reduces the impact of production and consumption on the environment, but creates a virtuous relationship between economic growth and environmental wellbeing. It’s an economy that meets specific environmental objectives and, in the process, creates additional prosperity and social benefits.
UNEP (United Nation Environment Programme) defines a green economy as one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. A green economy is indeed about far more than emission reduction. It also builds our capacity to adapt to climate change, develop circular systems and reduce waste and material consumption. It leads to greater reuse of materials and not just protection but promotion of greater biodiversity.
But the green economy can and should provide economic and social benefits as well. A green economy is also meant to foster greater prosperity, boost local growth and innovation and foster competitiveness, as well as providing a more just and inclusive society.
The green economy is not a small niche corner of the market, focused on the decarbonisation of polluting industries. It is a vast and expansive ecosystem of activities that permeates all aspects of the economy, and impacts all aspects of the environment.
The research team of Oxford Economists have explored the transition to an environmentally sustainable world by 2050, not only in terms of the costs of climate-change mitigation measures, but from the opportunities that greening the global economy might create. They identified three main types of opportunity:
 First, new competitive opportunities that emerge in the process of industry disruption – as certain businesses move quickly to adopt green measures, their operators can benefit from first mover advantages, patenting new discoveries and establishing dominant market positions.
 Second, new green markets will emerge as demand for renewable energies and green technologies create new markets for green goods and services.
 Third, productivity gains will be made as regions adversely affected by climate change and unsustainable use of natural resources leading to a global economy built on a more sustainable footing.
Oxford Economists projected that these new green activities will create an opportunity worth $10.3 trillion to 2050 Global GDP, or 5.2% of global GDP that year. The lion’s share of the opportunity is in the manufacturing of electric vehicles and the generation of renewable electricity, plus their vast supply chains.
It is believed that the environmental discourse has so far been overly dominated by a focus on risk avoidance, compliance, and costs. Yet, little emphasis has been given to the upside of the green action – the value added to the economy, the jobs new green activities create, the power of sustainable action to drive innovation, new expertise, stronger competitiveness. Given the market fearful of investing in stranded assets in the twilight years of the fossil fuel era, it is expected that the green economy, powered by renewables, will now start to evolve and grow.
Fundamentally the green growth economy must be built on a vision of stability and inclusivity – these are the rational foundations and can be achieved through incentives, regulation and good governance. Environmental action, as my colleagues working on those priorities will tell you, simply have to work for everyone.
So many of the new green services, technologies and expertise, are already developing rapidly. The green economy is no longer about relying on renewable energy to simply prolong the productive practices of 30 years ago. The green economy is no longer defined by the avoidance of risks and mitigation of threats. It’s about a once in a century opportunity to build a better future for all.
A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment1. Green economics is a related field that studies the harmonious interaction between humans and nature and attempts to meet the needs of both simultaneously. Green economists may study topics such as alternative energy sources, sustainable agriculture, wildlife protection, or environmental policies.
In a green economy, growth in income and employment should be driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and ecosystem services. These investments need to be catalysed and supported by targeted public expenditure, policy reforms and regulation changes. The development path should maintain, enhance and, where necessary, rebuild natural capital as a critical economic asset and as a source of public benefits, especially for poor people whose livelihoods and security depend on nature.
Mounting evidence also suggests that transitioning to a green economy has sound economic and social justification. There is a strong case emerging for a redoubling of efforts by both governments as well as the private sector to engage in such an economic transformation. For governments, this would include levelling the playing field for greener products by phasing out antiquated subsidies, reforming policies and providing new incentives, strengthening market infrastructure and market-based mechanisms, redirecting public investment, and greening public procurement. For the private sector, this would involve understanding and sizing the true opportunity represented by green economy transitions across a number of key sectors, and responding to policy reforms and price signals through higher levels of financing and investment.

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PERT
Program Evaluation and Review Technique (PERT)
Program Evaluation Review Technique (PERT) is a project management planning tool used to calculate the amount of time it will take to realistically finish a project. It analyzes the time required to complete each task and its associated dependencies to determine the minimum time to complete a project. It estimates the shortest possible time each activity will take, the most likely length of time, and the longest time that might be taken if the activity takes longer than expected. The US Navy developed the method in 1957 on the Polaris nuclear submarine project to evaluate the resources and time required to manage a project.
Definition: A Program Evaluation Review Technique (PERT) is used to depict a project’s timeline, estimate the duration of tasks, identify task dependencies, and determine the project’s critical path.
PERT Analysis informs Program Managers and project personnel on the project’s tasks and the estimated amount of time required to complete each task. By utilizing this information, a Program Manager can estimate the minimum amount of time required to complete the entire project. This helps in the creation of more realistic schedules and cost estimates.
The Program Evaluation and Review Technique (PERT) is a way to look at the tasks needed to finish a project and show how they fit together. It is a tool for planning, coordinating, and keeping track of a project. The most important things for a project manager to know about PERT are:
• It can be used to determine what tasks need to be done in a project and how they depend on each other. This can help the project manager make a clear plan and schedule for the project.
• It can be used to find potential risks and bottlenecks in the project, so the project manager can take steps to reduce the risks and keep the project on track.
• It can track how a project is going and find any changes from how it was planned. This can help the project manager figure out what problems might arise and how to solve them.
• It can be used to share the project plan and schedule with team members and other important people. This lets everyone know what tasks need to be done and in what order they should be done.
Program Evaluation and Review Technique (PERT) Chart
A PERT chart is a picture of a project’s timeline that shows all of the separate tasks that need to be done to finish the project. The PERT chart is how the PERT analysis is displayed and is often better than the Gantt chart for managing projects because it shows how tasks depend on each other.
How to Conduct a PERT Analysis?
There are two main steps when determining the PERT Estimate. These two steps are:
• Step 1: Determine optimistic, pessimistic, and most likely estimates
• Step 2: Calculate PERT Estimate using the PERT Formula
Step 1: Determine optimistic, pessimistic, and most likely estimates
To conduct PERT Analysis, three-time estimates are obtained (optimistic, pessimistic, and most likely) for every activity along the Critical Path.
• Optimistic Time (O): the minimum possible time required to accomplish a task, assuming everything proceeds better than is normally expected.
• Pessimistic Time (P): the maximum possible time required to accomplish a task, assuming everything goes wrong (excluding major catastrophes).
• Most likely Time (M): the best estimate of the time required to accomplish a task, assuming everything proceeds as normal.

Task Optimistic(O) Pessimistic(P) Most Likely(M)
A 2 Weeks 4 Weeks 5 Weeks
B 1 Weeks 2 Weeks 3 Weeks
C 2 Weeks 3 Weeks 4 Weeks
D 3 Weeks 5 Weeks 8 Weeks
Completion 8 Weeks 14 Weeks 20 Weeks

Step 2: Calculate PERT Estimate
After completing Step 1, use the (optimistic, pessimistic, and most likely) estimates in the formula below to calculate the PERT estimate for the project.
Formula: (P+4M+O)/6
Example: (8 + 4(14)+20)/6 = 14 Weeks
Advantages and Disadvantages of PERT Analysis
Understanding the advantages and disadvantages of utilizing PERT analysis will give program managers and project personnel a better understanding of the realities of their schedules. It takes an experienced program manager to truly utilize the benefits a PERT analysis can provide a project team.
• Advantages: Provides Program Managers information to evaluate time and resources on a project. It helps give them the necessary information to make informed decisions and set realistic schedules.
• Disadvantages: The analysis can be highly subjective and influenced by a few outspoken team members. It also required a lot of time to update the analysis as a program progresses continually. The charts might not convey the financial picture of a project.

Critical Path Method (CPM)
The critical path method (CPM) is a technique where to identify tasks that are necessary for project completion and determine scheduling flexibilities. A critical path in project management is the longest sequence of activities that must be finished on time in order for the entire project to be complete. Any delays in critical tasks will delay the rest of the project.
CPM revolves around discovering the most important tasks in the project timeline, identifying task dependencies, and calculating task durations.CPM was developed in the late 1950s as a method to resolve the issue of increased costs due to inefficient scheduling. Since then, CPM has become popular for planning projects and prioritizing tasks. It helps you break down complex projects into individual tasks and gain a better understanding of the project’s flexibility.

Definition: The Critical Path Method (CPM) is a scheduling technique to determine a schedules critical path by calculating the longest path of planned activities to the end of the project and the earliest and latest that each activity can start and finish without making the project longer.

Critical Path Method (CPM) Goal
The goal of the Critical Path Method (CPM) is to determine the critical path of a schedule in order to focus resources more efficiently. The method helps Program Managers (PM):
• Understand which tasks are on the critical path to determine a completion date
• How best to manage tasks around the critical path to meet the scheduled end date
• Focus on preventing schedule slips
• Gain insight when planning work packages and tasks
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Benefits of Using the Critical Path Method (CPM)
Here are a few good reasons to use the CPM method:
• Improves Planning: CPM helps plan for the future by comparing expected progress to actual progress. The data from current projects can be used to help plan for future projects.
• Helps with resource loading: CPM helps project managers put tasks in order of importance, which gives them a better idea of how and where to use resources.
• Highlights bottlenecks: When projects get stuck, valuable time is lost. Using a network diagram to show project dependencies will help you figure out which tasks can and can’t be done simultaneously so that you can plan your schedule accordingly.
Determining the Critical Path
The Critical Path is determined when analyzing a project’s schedule or network logic diagram and uses the Critical Path Method (CPM). The CPM provides a graphical view of the project, predicts the time required for the project, and shows which activities are critical to maintaining the schedule.

Types of production systems

Types of Production Systems
A production manager will have to choose the most appropriate method for his enterprise. The final decision regarding any particular method of production is very much affecting by the nature of the products and the quantity to produce. The types of Production Systems are grouped under two categories viz., Intermittent production system, and Continuous production system.
Continuous System or Flow System
“Continuous flow production situations are those where the facilities are standardized as to routings and flow since inputs are standardized. Therefore a standard set of processes and sequences of the process can be adopted.”
Thus continuous or flow production refers to the manufacturing of large quantities of a single or at most a very few varieties of products with a standard set of processes and sequences. The mass production is carried on continuously for stock in anticipation of demand.
Characteristics of Continuous System
The following characteristics below are;
a) The volume of output is generally large (mass production) and goods are produced in anticipation of demand.
b) The product design and the sequence of the operations are standardized i.e. identical products are produced.
c) Special purpose automatic machines are used to perform standardized operations.
d) Machine capacities are balanced so that materials are fed at one end of the process and the finished product is received at the other end.
e) Fixed path materials handling equipment is used due to the predetermined sequence of operations.
f) Product layout designed according to a separate line for each product is considered.
Advantages of Continuous System:
The following advantages below are;
a) The main advantage of the continuous system is that work-in-progress inventory is minimum.
b) The quality of output is kept uniform because each stage develops skill through repetition of work.
c) Any delay at any stage is automatically detected.
d) Handling of materials is reduced due to the set pattern of the production line. Mostly the materials are handled through conveyor belts, roller conveyors, pipelines, overhead cranes, etc.
e) Control over materials, cost, and output are simplified.
f) The work can be done by semi-skilled workers because of their specialization.
The disadvantages of Continuous System
The continuous system, however, is very rigid and if there is a fault in one operation the entire process is disturbed. Due to continuous flow, it becomes necessary to avoid piling up of work or any blockage on the line. Unless the fault is cleared immediately, it will force the preceding as well as the subsequent stages to be stopped. Moreover, it is essential to maintain stand by equipment to meet any breakdowns resulting in production stoppages. Thus investments in machines are fairly high.
Types of Continuous System:
Continuous production is of the following types
Mass Production:
This production refers to the manufacturing of standardized parts or components on a large scale. Mass production system offers economies of scale as the volume of output is large. Quality of products tends to be uniform and high due to standardization and mechanization. In a properly designed and equipped process, individual expertise plays a less prominent role.
Process Production:
Production is carried on continuously through a uniform and standardized sequence of operations. Highly sophisticated and automatic machines are used. Process production is employed in the bulk processing of certain materials. The typical processing Industries are fertilizers plants, petrochemical plants, and milk dairies which have highly automated systems and sophisticated controls.
They are not labour-intensive and the worker is just an operator to monitor the system and take corrective steps if called for. On the basis of the nature of the production process, flow production may classify into Analytical and Synthetic Production.
• Analytical Process: In the Analytical Process of production, the raw material is broken into different products e.g. crude oil is analyzed into gas, Naptha, petrol, etc. Similarly, coal is processed to obtain coke, coal gas, coal tar, etc.
• Synthetic Process: Synthetic Process of production involves the mixing of two or more materials to manufacture a product, for instance, lauric acid, myristic acid, stearic acid are synthesized to manufacture soap.
Assembly Lines
Assembly line a type of flow production which is developed in the automobile industry in the USA. A manufacturing unit prefers to develop and employ an assembly line because it helps to improve the efficiency of production. In an assembly line, each machine must directly receive material from the previous machine and pass it directly to the next machine.
Machine and equipment should be arranged in such a manner that every operator has free and safe access to each machine. Space should be provided for free movement of forklifts, trucks, etc. which deliver materials and collect finished products.
Intermittent Production System
“Intermittent situations are those where the facilities must be flexible enough to handle a variety of products and sizes or where the basic nature of the activity imposes a change of important characteristics of the input (e.g. change. in the product design). In instances such as these, no single sequence pattern of operations is appropriate, so the relative location of the operation must be a compromise that is best for all inputs considered together.”
In the industries following the intermittent production system, some components may be made for inventory but they are combined differently for different customers. The finished product is heterogenous but within a range of standardized options assembled by the producers. Since production is partly for stock and partly for consumer demand, there are problems to be met in scheduling, forecasting, control, and coordination.
Characteristics of Intermittent System:
The following characteristics below are;
• The flow of production is intermittent, not continuous.
• The volume of production is generally small.
• A wide variety of products are produced.
• General purpose, machines, and equipment are used so as to be adaptable to a wide variety of operations.
• No single sequence of operations is used and periodical adjustments are made to suit different jobs or batches.
• Process layout is most suited.
The intermittent system is much more complex than continuous production because every product has to be treated differently under the constraint of limited resources.
The intermittent system can be-effective in situations which satisfy the following conditions:
• The production centers should be located in such a manner so that they can handle a wide range of inputs.
• Transportation facilities between production centers should be flexible enough to accommodate a variety of routes for different inputs.
• It should be provided with the necessary storage facility.
Types of Intermittent System:
Intermittent Production May be of two types;
Job Production:
Job or unit production involves the manufacturing of a single complete unit with the use of a group of operators and process as per the customer’s order. This is a “special order” type of production. Each job or product is different from the other and no repetition is involved. The product is usually costly and non-standardised.
Customers do not make a demand for exactly the same product on a continuing basis and therefore production becomes intermittent. Each product is a class by itself and constitutes a separate job for the production process. Shipbuilding, electric power plant, dam construction, etc. are common examples of job production.
Characteristics of Job Production:
• The product manufactured is custom-made or non-standardised.
• The volume of output is generally small.
• Variable path materials handling equipment are used.
• A wide range of general-purpose machines like grinders, drilling, press, shaper, etc. is used.
Advantages of Job Production
It is flexible and can adapt easily to changes in product design. A fault in one operation does not result in complete stoppage of the process. Besides, it is cost-effective and time-effective since the nature of the operations in a group is similar. There is reduced material handling since machines are close in a cell. The waiting period between operations is also reduced. This also results in a reduced work-in-progress inventory.
The disadvantages of Job Production
Job shop manufacturing is the most complex system of production e.g. in building a ship thousands of individual parts must be fabricated and assembled. A complex schedule of activities is required to ensure the smooth flow of work without any bottlenecks. Raw materials and work-in-progress inventories are high due to uneven and irregular flow of work. Workloads are unbalanced, speed of work is slow and unit costs are high.
Batch Production:
Batch production pertains to repetitive production. It refers to the production of goods, the quantity of which is known in advance. It is that form of production where identical products are produced in batches on the basis of demand of customers’ or of expected demand for products.
This method is generally similar to job production except for the quantity of production. Instead of making one single product as in case of job production, a batch or group of products are produced at one time. It should be remembered here that one batch of products may not resemble with the next batch.
It is defined as,
“The manufacture of a product in small or large batches or lots at intervals by a series of operations, each operation being carried out on the whole batch before any subsequent operation is performed.”
The batch production is a mixture of mass production and job production. Under it machines turn out different products at intervals, each product being produced for a comparatively short time using mass-production methods. Both job production and batch production are similar in nature, except that in batch production the quantity of product manufactured is comparatively large.
Advantages of Batch Production:
The batch production method possesses the following advantages;
• The work is of a repetitive nature.
• There is a functional layout of various manufacturing processes.
• One operation is carried out on the whole batch and then is passed on to the next operation and so on.
• The same type of machines is arranged at one place.
• It is generally chosen where trade is seasonal or there is a need to produce a great variety of goods.
The disadvantages of Batch Production:
Work-in-progress inventory is high and large storage space is required. Due to frequent changes in product design, no standard sequence of operation can be used. Machine set-ups and tooling arrangements have to be changed frequently. The main problem in batch production is the idle time between one operation and the other. The work has to wait until a particular operation is carried out on the whole batch.