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Material Flow Cost Accounting (MFCA): A Green Management Tool (GMT) for Hotel Business

Material Flow Cost Accounting (MFCA): A Green Management Tool (GMT) for Hotel Business
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Author(s): Omolola Ayobamidele Arise (University of Kwa-Zulu Natal, South Africa)and Patricia Maureen Shewell (University of Kwa-Zulu Natal, South Africa)
Copyright: 2021
Pages: 18
Source title: Handbook of Research on Climate Change and the Sustainable Financial Sector
Source Author(s)/Editor(s): Odunayo Magret Olarewaju (Durban University of Technology, South Africa)and Idris Olayiwola Ganiyu (York St John University, United Kingdom)
DOI: 10.4018/978-1-7998-7967-1.ch017

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Abstract

MFCA's potential as a GMT in the hospitality industry has not been well demonstrated. Instead, the manufacturing industry takes the credit for the successful implementation of MFCA. This may be attributed to the industry's inaccurate information on resource consumption and management for strategic internal decision-making. Greening in hotels has predominantly been viewed from customers' perspectives to gain a competitive advantage and improve profits. MFCA is presented in this chapter as a GMT to achieve eco-friendly hotel business practices via informed resource utilization data. Natural resources such as water and energy are gradually becoming scarce commodities with waste generation on the rise and environmental sustainability of the hotel business threatened. Hotels face pressure from the global market to improve their sustainability performance by implementing green practices. In meeting the requirements of sustainable practice, green management's goal focuses on reducing, eliminating, and preventing adverse effects arising from environmental activities.

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