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Panama Canal Expansion Project - Essay Example

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REPORT ON THE PANAMA CANAL EXPANSION PROJECT Institution Instructor Date Table of Contents Table of Contents 1 Abstract 3 Introduction 4 Background 4 Literature Review 5 International governance of projects 5 Corporate Social Responsibility 7 Stakeholders in projects 8 Project maturity 8 Findings 9 Finances 9 Environmental Impact 10 Stakeholders 10 Project Maturity and the Project Approach 11 Governance and oversight 11 Risk mitigation 12 High level risks and insurances 12 Procurement Policies 12 Strategic Human Resource Management and HR concerns 12 Performance Assessment of the Panama Expansion Project 13 Earned Value management 13 Professional Reflective statement 13 Conclusion…
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Panama Canal Expansion Project
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Panama Canal Expansion Project

Risk mitigation, high level risks and insurances and procurement policies followed in carrying out the Panama expansion project. The report will first begin with a small background on Panama project then a literature review will be presented. Introduction Most infrastructural mega projects are prone to suffer from cost overruns, delays, poor performance or inability to give customer satisfaction if inadequately managed. Interaction of several factors such as governance of such projects, their financing, human management and financing can cause complexities which can either promote their success or inhibit it depending on how they are approached. It is therefore crucial for project managers to thus critically analyze a mega project before undertaking it. This report takes an in-depth assessment of the expansion of the Panama Canal which is one of the busiest waterways internationally. Panama expansion project is also of key interest given that it plays a critical role in maritime trade and brings together international concerns. This report highlights some of the areas that have been considered since the decision to embark on Panama Canal Expansion Program was made. Background The initial construction of Panama Canal went underway in 1880 under the leadership of Ferdinand de Lesseps who built Suez Canal. This was a large scale project undertaken by people who had little prior experience in canal construction. They faced several challenges including minimal workforce, diseases and lack of funding. The geology of the region also posed a challenge to the construction work. A second company, the Compagnie Nouvelle du Canal de Panama, was contracted to complete the construction (Mack, 1944, p.24-26). After the American government the requested French machinery for construction, work officially began in 1904. Despite the challenges encountered in constructing the canal, Panama Canal was completed a decade later. The canal comprises of artificial lakes, channels and sets of locks. The three lock system included a one-stage Pedro Miguel lock, a two-stage Miraflores lock system and a three-stage Gatun locks (Maddox, 1993, p. 78). The locks determine the size of which ship can be allowed entry. Since the Panama Canal is of great importance to international trade, most traders use ships with a maximum size the locks can allow. With continued development and increase in international trade, Panama Canal lacked enough capacity to accommodate this growth, hence ship traffic congestion. As a result, it has lost market share to other trade routes including Suez Canal. Besides this, the canal has stagnated in growth of transit demand; its canal structure is outdated and lacked the ability to divert traffic to alternative routes (Dasgupta Marine insight, 2011, p.1). For this reason, Panama Canal Authority proposed the expansion of Panama Canal (Reagan, 2007, p.16). By doing so; APC applied the project principle of analyzing its customers’ needs. By expanding the canal, customers will be able to ferry more cargo at once. On October 22, 2006, ... Read More
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