The Triple Bottom Line (TBL) is a business framework that looks at economic, social, and environmental performance as key parts of sustainability.
John Elkington, a British business consultant and supporter of sustainability, came up with the idea for the TBL in the mid-1990s.
People sometimes call the three parts of the TBL the “three Ps”:
Profit
This is a term for how well a business does financially. The TBL framework recognises that a business needs to make money in order to be around for a long time.
People
This refers to how well a company gets along with other people. It includes things like the health and happiness of employees, social responsibility, and involvement in the community.
Planet
This refers to how well a company takes care of the environment. It includes things like saving resources, reducing waste, and stopping pollution.
The TBL framework encourages companies to think about how they affect society and the environment, not just how well they do financially. Companies can create value for all stakeholders, not just shareholders, if they look at business in a more holistic way. This can lead to long-term success because companies that put sustainability first are often more resilient, creative, and competitive in the market.
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Usage
It is used in Scope Management / Requirement Management
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