More handpicked essays just for you.
The advantages and pitfalls of risk management
The advantages and pitfalls of risk management
Merits and demerits of risk management
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Back ground:- April 20, 2010, a tragic disaster struck the Gulf Coast. British Petroleum deepwater Horizon oil rig cracked from three places and raw oil leaking into the sea. .it was considered that over 60,000 barrels of oil a day are mixing with Gulf water and Oil spread over 70 miles to 130 miles into the sea and can be seen from space. Ethical issue:- Ethical issues in this case are the impact on tourism industry of Gulf of Mexico and its beaches, unemployment around area because of closure of business, wildlife and the environment destruction and concerned with human health and post incident trauma. It has been almost year but world is still recovering from the devastation of disastrous oil spill. It destroyed the environment and wildlife all over the place and its total impact is still unknown. Environmental impacts may be noticeable for years to come. Because of BP oil spill all business around coastal beaches suffers a lot which are only depend on tourism and fishing. This destruction not only cause health problem, but also be responsible for millions of dollars in lost revenue. Stakeholder:- People organization or groups that have a direct or indirect interest in a one particular organization or surrounding are called stakeholders. Affected Stakeholder:- * BP Oil Company * Government * Local Business * Employees * Wild life * Environment * Shareholder of BP All the above stakeholders impacted by oil spill but differently unfortunately, the oil spilled into the ocean and killing all the fish and wash off the coast spread through rivers, affecting the fishermen and BP company affected by because they need to clean all this was to be able to cover the costs, and bad publicity the oil spill has affected governments w... ... middle of paper ... ...t Feinberg try to reflect on matter. CONCLUSION At the end I come to conclusion that BP was not properly prepared for any disaster like that there risk assessment related to project is very limited and even not considered seriously about it for their own progress and putting live of public and employees in danger by not following the standard SOP of particular project. Even after incident happened they try to close their eyes on reality. The company should take this incident as alarm and should implement proper risk assessment for future and also compensate damages on ethical ground and if they counter this situation in good way their loss of bad reputation will be lesser as it predicted to be they should considered their responsibility towards society as well by doing this they not only making other people lives better but also earning good will to their company.
Stakeholder is anyone with an interest in a business; stakeholders are individual, groups or businesses. They are affected by the activity of the business. There are two types on stakeholders who are internal and external. Internal stakeholder involves employees, managers/directors and shareholders/owners. External stakeholder involves suppliers, customers, government, trade unions, pressure groups and local and national communities.
Most people believe that one man-made natural disaster would teach us to be better, but we have learned that history repeats itself. The Exxon Valdez oil spill (in 1989) and the Deepwater Horizon oil spill, or BP oil spill, (in 2010) were both devastating oil spills that shocked the nation. The Exxon Valdez oil spill occurred due to a tanker grounding. The BP oil spill was caused by an explosion on the Deepwater Horizon oil platform. These two oil spills were both disasters and had greater effects in certain categories. In this essay, I will be comparing the cause of both oil spills, the damage/effect of both oil spills, and the cleanup of each oil spill.
Smith Jr., Lawrence C., L. Murphy Smith, and Paul A. Ashcroft. "Analysis Of Environmental And Economic Damages From British Petroleum's Deepwater Horizon Oil Spill." Albany Law Review 74.1 (2011): 563-585.Academic Search Complete. Web. 17 Feb. 2014.
Jervis, R. & Jones, C. (2010). Oil Spill Takes a Toll on Tourism on Gulf Coast. USA Today.
Stakeholders are individuals who hold a particular interest in a business, they are affected by the activity of the business.
Nelson, A.N. 1971. Effects of oil on marine plants and animals. London: Institute of Petroleum.
The oil cuts off the ability of oxygen from the air to move into the water, which directly harms fish and other marine wildlife that require that oxygen. The dispersant that the BP is using to try and break up the oil moves the slick into the entire water column which contaminates the ocean floor, which would most likely not have seen any damage if it wasn’t for the use of these dispersants. More than 400 species that live in the Gulf Islands and marshlands are at risk and as of November 2 six-thousand-eight-hundred-fourteen dead animals have been collected.... ... middle of paper ...
The United States uses more than 21 million barrels of oil each day, the uses are gasoline, heating oil, jet fuel, and diesel fuel. On April 20, 2010 an explosion damaged the oil rig of the coast of Louisiana and over the next three months, a total of 5 million barrels of oil spilled into the Gulf of Mexico. The spill caused environmental damage and thousands of animals and their habitats died as a result. BP did take responsibility and paid for the clean up and compensated the victims. After the spill, the U.S. Department of Interior issued and then later overturned a moratorium on off-shore drilling, but critics argued that it would cause thousands of workers to be laid off, but they were still suffering from the recession and the loss of jobs caused by the oil
On the summer of 2010, the petroleum industry was shaken by one of the largest disasters in history known as the BP Deepwater Horizon Oil Spill. This resulted in the killing of eleven people, injuring of seventeen and an immeasurable damage to the ocean and the surrounding communities. BP had to immediately respond to the crisis and handle their financial and reputational risks.
A very common way of differentiate the various kinds of stakeholders is by identifying groups of people who have direct or indirect relationships with the organization. Friedman (2006) mentioned that there is a clear relationship between definitions of what stakeholders and identification of who are the stakeholders for organizations. The examples of main stakeholders in organization are Customers, Employees, Local communities, Suppliers and distributors, Shareholders. Other than those main stakeholders, the groups and individual like the media, public in general, Business partners, Future generations, NGOs or activists, competitors, government, policy maker and regulators are also considered as stakeholder.
Oil spills don't have a good impact on humans and the environment. There are many ways this problem has affected us. For example, when the BP oil spilled in the Gulf of Mexico, the fishermen there couldn't
On March 24, 1989 the Exxon Valdez oil spill occured. This was a huge tragedy that impacted many people negatively because it resulted in conflict related to economics. This picture shows one of the ways that it impacted people economically (Britannica). It shows a crew of people who are using hoses to clean all of the oil off of the rocks on an Alaskan beach. This affects people economically because in order to get these resources to clean up the oil spill it ended up costing 1.8 billion dollars to accomplish (Kitch). People who were affected by it were people who had relatives or acquaintances on the ship, people who were involved in the aftermath such as cleaning up the oil, and people who were on the ship during the spill. The other perspectives
Oil spills and pollution can be the cause of death too much of the local marine life. An oil slick can cover up to 50 square miles polluting, and damaging all the ecosystems in which the marine life thrives killing thousands. All over the ocean surface and all over the land near the spill will be contaminated with crude oil ruin the lives of many of the animals near or who feed of the animals who were less fortunate not to make it out of the spill un effected.
To begin with, pollution of the ocean such as oil spills play a major role in corrupting the marine life. Oil spills occur due to numerous reasons. For instance, people may make mistakes while using equipment containing oil and cause an oil spill. A representative epitome would be the 2007 South Korea oil spill. Around 7:30 am on 7 December 2007 in Korea’s local time, Samsung Heavy Industries’ crane barge crashed into Hebei Spirit, a crude carrier anchored by Hong Kong, while being towed. The tragic accident took place near the Daesan port on the coast of Yellow Sea, spilling approximately 260,000 tons of oil in the sea. The situation worsened as the barge freely floated around after the tug cable had snapped. Fortunately enough, no casualties were reported from this incident. However, the region that the spill had affected was one of the major homes used migratory birds, and contained a national maritime park along with 445 sea farms as well. People reluctantly assumed the oil spill would not widely spread because of severely low winter temperatures of Korea. Such unwilling attitude essentially exacerbated the situation. Unexpectedly warm climate alo...
Stakeholders refer to individuals or groups of people that have an interest in a business. Management argues that as long as there is wealth for shareholders, then anything is done in a responsible manner and things should be done to promote the interest of other stakeholders.