Question:
Discuss about the Problems and Techniques Of Deep Water Horizon.
Systematic way of thinking is a universal approach towards the problem solving solutions which embraces for increasing in the complexity of management systems and its settings. This Theory implies the critical analysis of the fiction surroundings to the general system thinking and the portfolio management. It basically comprises the traditional methods for making the comparison to modern approach. Texas City and the Deep-water Horizon was a bigger disaster which formed a big impact of disaster on the oil refinery industry. The incidence highlights the tendency of the executives indulged into overconfidence, too much optimism and the culture being maintained towards the risk seeking decisions. The theatrical art seeks, to deconstruct over the chain of events regarding to the deep water horizon blowout. It is essential to examine those events by applying the behavioural theories and concepts and psychological biases. It identifies the operational decisions made on to demonstrate the major effects occurred on the corporate level. The complications of the disaster in terms of accountabilities and obligations are also discussed to emphasize on the magnitude of the consequences resulting from the inconsistent decision making process (Cooney et al., 2015).
Texas City and the Deep-water Horizon was an ultra-deep-water was dynamically positioned, semi-submersible offshore drilling. The working of a Deep- water horizon was the second, semi-submersible constructed and classified into two forms. It was not dynamically positioned. The main management and the work of deep-water are set to operate the drilling off the southern coast of Louisiana. They use the various techniques used for implementing into many varieties, for addressing the fundamental strategies for operating the offshore-oil-drilling (Camilli et al., 2010). It was located on the seabed and below the surface and extended approximately higher into the rock. Deep-water Horizon management was based on the semi-submersible, basically designed for drilling down to the subsea shafts for oil exploration and manufacturing. It was basically designed to operate in water up to 8000 ft. to a deep level of water. The main management work was based on using the various techniques to oil spill into a large amount. Sometimes it was been derived to Lucky and Illustrious. And it was termed as the most powerful rigs in the world (Cherry et al., 2010).
The organisational structure and its forms, basically derive the shape of an administrative culture and attitude towards the plans, that are been designed according to the risks arises, throughout the history of the strategic ranges and operational failures. In the past years, the infrastructure of a management and its structure that made it difficult for their executives and the employees to make decisions quickly. Robert Horton who was appointed as a CEO in 1989 started a radical turnaround program to achieve the annual expenses. He removed the several layers of management after being appointed (Jefferson et al., 2011).
He intended to increase the speed of managing decision making tasks. He designed the hierarchical structure of the departments into smaller; flexible teams charged and proper way of communications. He started taking the authority on decision making from the corporate sectors to the upstream business and downstream business. The next strategy was brought up by Browne, started building and creating a team spirit within the entrepreneurship among his staff, he extended the decision making responsibility for summiting the performance targets. As the next chief appointed, he started following the policy of cost cutting and especially in the staffing which was introduced by the Horton’s. He totally changed organisation structure to achieve the tasks. The culture was well maintained for the employees to keep on building the work spirit in an organisation (Lee et al., 2012).
The management risk is been flawed with the various business models that has been surrounded in one of the risk-taking, cost cutting, and principal efficiency improvement within the context of risk management of their assortment or properties. In the simple term safety can be expressed as the judgement of the risk. In order to maintain and manage the risks been face by the organisation and it is necessary to confront and manage the risk systematically and effectively. It is essential to know about which kind of risk has taken place and to mitigate or to organize the risk at an acceptable level. This generally applies equally to all the investors purchasing the stock of the year and granting the permission to all the employees to operate offshore (White et al., 2012). It is very important for the engineers and the executives to understand the risk because generally the risk is not been understood by them or take the risk differently. Engineers are generally apt to understand to suggest that if risk cannot be resolved and measured, than the risk cannot be managed. Generally, Engineers think about the threats in terms about the possibility and significances. Executives generally tends to think of risks more in the form of risk and reward bigger the reward would be more the risk is worth taking.
In this optionally it is been enhanced on the basis of various stages in both absolute and relative terms against specific criteria and against and each other ranking. On a standalone and aggregated level, including the portfolio will look .Oil and gas is a continually evolving sector requiring players the rapid changes when company strategies were last developed. Companies need to update and respond to the changing landscape flexibility, proactively and competitively by incorporating and preserving the optionality in portfolios. They primarily focus on making the right modifications and the decisions. The main aim is to proper formulate the main task in the right way (Osofsky, 2011). It is very important to make the right modifications means to have strategic purposes at the particular time, which generally attracts and accept risks, complexity, cost and the impact on the business as usual. The main cause behind the tragic incident took place due to the failure in engineering part and that the composition and mixture of cement was not accurate as required and lead to such disaster. When the engineers were already familiar with the fact, about the inconsistency of the mixture can cause the disastrous calamity. The Enforced Offshore drilling suspension put in place in response to spill out to the harmful sources to the local energy industry because the oil industry employs of the nearest residents have created more than thousand oil related jobs.
It can be referred to an informal terms that basically involves all forms of value that determine the health and the well-being of the firm so as the firm would be in long run. It establishes the value of the business which usually describes the overall worth of the business. Generally a business should have a fair value of business so as to have a variety of doing a business including the sale value, ownership. It is essential to set a goal for estimating the main object of the business value. In the deep water horizon the disaster calamity caused the main consequences of the business value in the market. The things were made regarding an event happened, which was important for the stock prices of BP and their competitors who provide the oil spill and the services. This generally provided both the organisation for the shareholders with knowledge keeping in mind to determine a plan and the activity or similar calamity should not occur in the near future (Reddy et al., 2012).There were several other organisations was involved in the analysing and influencing of the costs regarding to the market value of the company. It became an essential part to determine the events happened and to influence the market value of the BP. Before the calamity occurred stock price of the BP went high. After the tragedy took place the price of the dollar was fall down. But the stock price later on was on the large decrease and keep on declining in the share price. Considering the entire important thing about the company and its economy it became an essential to analyse the reaction of the market regarding company. This can explain the modifications of the market value significances of the oil spill across all the oil spill companies.
The portfolio Management process is basically an essential factor to be taken for the justification during the process lifecycle it basically aims to target and to deliver its obligations trough a suitable skilled resource base. It is essential and critically to have a strong skills and experience for the person leading to the portfolio management. Many right platforms and projects are being under taken for more the chances to lead in the task, but it is necessary to have an effective implementation and the proper resource of utilization with the greater benefits realization. It plays a vital role to be in contact with the senior management for the improvement in engagement and the communication process (Kujawinski et al., 2011). The management cycle should be in continuous form and must be planned to deliver the task. The cycles should rotate systematically when the liveliness of the people within an organisation is directed and managed in effectively. The Procedure of the cycle is as follows:
It can be derived as a measure of an administrations readiness and proficiency being expressed towards the people and its practices, data and its technologies. It is essential for an organisation to develop a mechanism for the future goals and resources. The organisation maturity is the main instrument in an organisation to help in assessing and majorly determine the degree of maturity to the implementation processes. For an organisation the level should be increased according to the organisation readiness and its experience. The disastrous calamity would not have occurred if such carelessness should be avoided on a large scale at the earlier stage to potentially preclude the disaster. The long-term effects of the mistake will make the engineers aware of the reliable mixture for the future projects. The spill has caused a resilient and financial impact on the energy industry. Although the efforts were made towards the disaster being caused to clean up the oil spill but there is still a chance of the long-term effects (Lubchenco et al., 2012). Despite from the entire calamity resulting from its negative effects, it also has some positive effects. It created a turning point for the engineering industry. Now the awareness is been increased after the calamity being occurred, the oil spill was a spinning point for the engineering industry. The organisation has increased the safety measures which have done the huge treads in increasing safety and drilling. The Oil spill commission action has helped in a group to help in post-oil spill operation and also help them to recover from this disaster. The spill has brought many laws and regulations to ensure that a similar disaster would not take place in near future. And soon this disaster would lead to the organisation to the safer side and will improved the engineering methods in an effort to prevent from this mistake would not happen again in future.
Conclusion
Through the reflections on the theory and its applications of system thinking it has been superficial for the approach made for its significance and its benefits to the portfolio management. Systems thinking provide a framework for the solution to the problems which varies to the sub-systems and components which keep on interacting with this approach. The Texas City and the deep water horizon, oil spill was the biggest calamity ever happened in the history with the oil spills. There were various oil industries suffered billions of dollars on this incident. There were several reactions kept in the place to mitigate the strategies after the spill effects. This was the biggest impact over the globally which were heavily felt by the global impact in the economy. This causes the biggest disaster for the marine animals, fishing, tourism and offshore exploration which was been stopped by this Oil Spill. Strict rule and regulations has applied so as the same disaster activity should not occur in future. The oilfield service area companies were thus deeply impacted by the drilling and the other procedures seemed to be slightly importance with the respect to their share prices. This helps the other companies to be aware of the tragedy which happened that the same situation should not take place in near future. The final conclusion was being made in January 2011 was the oil spill was the consequence of a number of distinct risk factors, omissions and the mistake made by the other parties (Smith et al., 2010).
References
Camilli, R., Reddy, C.M., Yoerger, D.R., Van Mooy, B.A., Jakuba, M.V., Kinsey, J.C., McIntyre, C.P., Sylva, S.P. and Maloney, J.V., 2010. Tracking hydrocarbon plume transport and biodegradation at Deepwater Horizon. Science, 330(6001), pp.201-204.
Cherry, M.A. and Sneirson, J.F., 2010. Beyond profit: Rethinking corporate social responsibility and greenwashing after the BP oil disaster
Cooney, G., Littlefield, J., Marriott, J. and Skone, T.J., 2015. Evaluating the climate benefits of CO2-enhanced oil recovery using life cycle analysis. Environmental science & technology, 49(12), pp.7491-7500.
Jefferson, J. and Bowling, N., 2011. The Economic and Biological Impacts of The BP Oil Spill. Hampden-Sydney College.
Kujawinski, E.B., Kido Soule, M.C., Valentine, D.L., Boysen, A.K., Longnecker, K. and Redmond, M.C., 2011. Fate of dispersants associated with the Deepwater Horizon oil spill. Environmental science & technology, 45(4), pp.1298-1306.
Lee, Y.G. and Garza-Gomez, X., 2012. Total cost of the 2010 deepwater horizon oil spill reflected in US stock market. Journal of Accounting and Finance, 12(1), pp.73-83.
Lu, Z., Deng, Y., Van Nostrand, J.D., He, Z., Voordeckers, J., Zhou, A., Lee, Y.J., Mason, O.U., Dubinsky, E.A., Chavarria, K.L. and Tom, L.M., 2012. Microbial gene functions enriched in the Deepwater Horizon deep-sea oil plume. The ISME journal, 6(2), p.451.
Lubchenco, J., McNutt, M.K., Dreyfus, G., Murawski, S.A., Kennedy, D.M., Anastas, P.T., Chu, S. and Hunter, T., 2012. Science in support of the Deepwater Horizon response. Proceedings of the National Academy of Sciences, 109(50), pp.20212-20221.
Osofsky, H.M., 2011. Multidimensional governance and the BP Deepwater Horizon oil spill. Fla. L. Rev., 63, p.1077.
Reddy, C.M., Arey, J.S., Seewald, J.S., Sylva, S.P., Lemkau, K.L., Nelson, R.K., Carmichael, C.A., McIntyre, C.P., Fenwick, J., Ventura, G.T. and Van Mooy, B.A., 2012. Composition and fate of gas and oil released to the water column during the Deepwater Horizon oil spill. Proceedings of the National Academy of Sciences, 109(50), pp.20229-20234.
Smith, L.C., Smith, M. and Ashcroft, P., 2010. Analysis of environmental and economic damages from British Petroleum’s Deepwater Horizon oil spill.
White, H.K., Hsing, P.Y., Cho, W., Shank, T.M., Cordes, E.E., Quattrini, A.M., Nelson, R.K., Camilli, R., Demopoulos, A.W., German, C.R. and Brooks, J.M., 2012. Impact of the Deepwater Horizon oil spill on a deep-water coral community in the Gulf of Mexico. Proceedings of the National Academy of Sciences, 109(50), pp.20303-20308.
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