The book “In the Heart of the Sea: The Tragedy of the Whaleship Essex” by Nathaniel Philbrick is tragic, eyes widening and heart wrenching where all the morals and ethics are gravely subjected to situation and questioned when it comes to survival. What they must do for survival? How man love their lives and no matter what strikes upon them, holler from behind, ambush their morale, yet they want to keep going just for the sake of living. The book is epitome of such a situation that encounters survival over morality. However, in the thrust of knowledge and oceans of secrets locked inside the chambers of this world, there is a heavy price men have to pay in the ordeal of yearning ...view middle of the document...
Therefore, it becomes difficult to quantify costs. One cannot agree whether costs are most difficult to quantify or benefits. Just because we don’t keep a count of number of benefits we enjoy doesn’t mean it is easy to measure. They both are difficult to measure. However, the measures can vary from case to case.
Feasibility studies and quantifying costs vs. benefits
It can be agreed upon without any doubt the reason why feasibility reports may be deemed as soft data. To ask an outsider to conduct feasibility report is almost like inviting errors in your company. However, only the ones who are working on a project can determine feasibility of cost, technological, safety, marketability because they are involved in the project and they know the nooks and corners about it. However, one may argue that by asking project managers to conduct the report, the feasibility study may incur biasness and incorrect data but to hand over an outsider to conduct the study is more risky compared to someone within the company doing this job. I personally, consider feasibility reports of great significance as they allow us to look into the weak and strong points of our projects.
One would agree that it is critical of the companies for taking on various assignments simultaneously affecting the productivity of workers. I like the fact that you quoted a real life example to illustrate the answer. It can be indisputably agree d nuance that within limited resources it becomes crucial to prioritize work and divide tasks in order to ensure their success. In the limited time one has to make sure individual complete 4-5 tasks per day and do not weigh down oneself with work as it will result into plummeted morale, compromised quality of work and motivation. In the same manner business operations must take into consideration the number of projects assigned to each worker and time span. Projects should not overlap as their quality of work may be compromised (Wartz et., al, 2000; Schneider, 1980; Sakao et., al, 2009; Schmid et., al, 1996; Smetana, 2011; Richard et., al, 2009).
Risk analysis is indeed a very useful tool to determine factors that may endanger the accomplishment of a project or target. However, this tool is also useful to determine
Precautionary measures to minimize the chances of loss and hampering factors. Countermeasures are studied carefully.
Four common grounds this tool enables us to analyze that factors cannot be cost effective if:
1. The estimates take too much time in identification.
2. The documentation of the risk analysis becomes impractical to carry around and use if it is too voluminous.
3. Certain loss guesstimates are usually not necessary to resolve if control measures are needed.
4. It is a mere game of assumptions, therefore, assumptions play an enormous role in risk analysis to study each factor thoroughly (Kerzner, 2011; Matilla, 1987; Mittal et., al, 1996; Nguyen, 1996; Roth et., al, 1995).
Implications of Risk Analysis...