Case Study: Risk Mitigation for Hurricanes near Texas Coast Oil Refineries

Kenneth David Strang
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Kenneth David Strang: W3-Research, USA; RMIT, Australia

International Journal of Risk and Contingency Management (IJRCM), 2012, vol. 1, issue 2, 43-53

Abstract: This paper is a case study about the devastation of Hurricane Ike striking Galveston and Sabine Pass on the Texas Gulf Coast. Authentic field research, historical analysis, informant accounts, and basic statistical analysis of simulated data were used as a methodology. Citations are given to news stories, maps, photographs, and videos showing the damage still remaining four years after the last hurricane. Professors can use this information to create student assignments in any of the following disciplines: business, environment/natural sciences, operations management, and computer science, engineering, as well as in insurance or emergency services training programs. The first section provides background for students (including numerous research questions), while the latter part contains suggested answers to selected problems. The learning objectives are: apply project management theory to create a risk management plan and a schedule for the mitigation steps when a hurricane is forecasted, and then perform sensitivity analysis of the probabilities using statistical techniques.

Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:igg:jrcm00:v:1:y:2012:i:2:p:43-53

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