Risk Management in Panama Canal Essay Example | Topics and Well Written Essays - 250 words

Risk Management in Panama Canal - Essay Example The papers highlight different risk analysis techniques that are applicable in analyzing risk, in Panama Canal. Risk analysis techniques used in forecasting are categorized in either qualitative or quantitative method. Qualitative techniques base their finds and conclusions on opinions and feelings of individuals. These include opinions and judgments of experts, consumers or scholars. Quantitative methods of risk analysis are based on numerical records over in the period. Quantitative analysis of different categories of project requirements and resources are recorded in the paper. The analysis includes meaning, standard deviation and means of all categories of resources, possible risks, costs, and conditions necessary for the Panama Canal project.The paper comprises of different steps and procedures taken in the development of the Panama Canal as highlighted by Kendrick (2006). Identification of the work and deliverables was the first step carried out in Panama Canal. Secondly, there was the organization of project work and clear determination of work breakdown structure on the Panama Canal project. Most of Stevens’s effects were utilized in the preparation of the initial work on the canal. Work breakdown structure is then decomposed into lower-level components that would be functional. These components are assigned identification codes. Lastly, examination of decomposition is carried out to assess whether the decomposed components are complete and clear.