On April 20, 2010, an explosion occurred on a mobile offshore drilling unit, the Deepwater Horizon in the Macondo Prospect oilfield in the Gulf of Mexico. The unit was drilling an exploratory oil well in waters over a mile deep. Eleven people died in the explosion and subsequent fire, ...
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Although the Deepwater Horizon tragedy was BP’s most costly run-in with OSHA, it’s not the first. In 2005, a refinery in Texas exploded, killing 15 people and injuring 180 others. There were multiple missteps, such as faulty equipment and improper management, but the accident ultimately ...
British Petroleum (BP) has implemented several risk control measures following the Deepwater Horizon oil spill in 2010, which was one of the largest environmental disasters in history. As a result of the spill, BP was subject to a $20.8 billion settlement with the U.S. government and five G...
The property rights approach:Studying the distribution of decision rights based on the incompleteness of contracts within and across organizations. Organizational Economics and the Deepwater Horizon Applying organizational economics can reveal both the weaknesses of a current management approach and ways to ...
What Is Corporate Social Responsibility? Corporate social responsibility (also known as corporate citizenship and responsible business) refers to the philanthropic, environmental or community-based activities undertaken by a company to create a positive social impact. CSR is often seen as a form of self...
General maritime law, also referred to asadmiralty law, is a body of legal principles and precedents that govern activities and disputes that occur on navigable waters. Rooted in centuries-old customs and practices of seafarers and merchants, maritime law has evolved based on court decisions and ...
Ten years ago, a powerful explosion destroyed an oil rig in the Gulf of Mexico, killing 11 workers and injuring 17 others. Over a span of 87 days, the Deepwater Horizon well released an estimated 168 million gallons of oil and 45 million gallons of natur
While the Panama Canal is a blip on the horizon for IKEA, it understands that supply chain partners have a stake in what’s going on. “We focus on port expansion efforts where we operate,” says Roth. “Savannah is in the process of finalizing dredge plans, and we support that.” ...
Based on external factors, business managers and strategic planners can make better business decisions. For that reason, they conduct several types of analysis that include some or all of these external factors. Those analyses include: PEST Analysis ...