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Report on Panama Canal Expansion Project - Essay Example

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REPORT ON THE PANAMA CANAL EXPANSION PROJECT of Institution Date: Abstract This paper seeks to identify issues on international governance and management that have arisen with the proposal to expand the Panama Canal…
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Report on Panama Canal Expansion Project
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Download file to see previous pages The project has been rocked with a strike which could threaten the completion of work as scheduled. Contents Abstract 1 Contents 2 Introduction 3 Background 4 Strengths and weakness of the project 6 Findings 7 a.Finances 7 b.Environmental Impact 8 c.Stakeholders 9 d.Governance and oversight 9 e.Risk mitigation 10 f.High level risks and insurances 10 g.International Governance 11 h.Procurement Policies 12 i.Strategic Human Resource Management and HR concerns 12 j.Performance Assessment of the Panama Expansion Project 14 k.Earned Value management 15 Professional Reflective statement 16 Conclusion 16 Recommendations 18 Bibliography 19 Appendices 22 Introduction Many infrastructural mega projects are prone to suffer from cost overruns, delays, poor performance or inability to give customer satisfaction. Interaction of several factors can cause complexities which can either promote success or inhibit it depending on how they are approached. It is crucial for project managers to thus critically analyze a mega project before undertaking it. One such project is the Panama Canal expansion project. Panama Canal is one of the busiest waterways globally. Opened in 1914, Panama Canal is a critical prop of international trade (Gagne, 2011, p. 1267). Nevertheless, the growth of international shipping in the last century and in the present times continues to be hampered by the Canal’s capacity (Gagne, 2011, p. 1267). This necessitated Panama Canal Authority to embark on an ambitious project of expanding the canal. Currently, the canal accommodates vessels of not more than 965 feet (294.1m) in length, 39.5 feet in depth, and a beam width of 106 feet (Sayre, 2010, p. 16). Vessels that can navigate in this canal are known as Panamax and have the ability of can carrying 4000-4500 Twenty Four Equivalent Units. Vessels larger than Panamax are able to navigate in other trade canals which and therefore Panama Canal Expansion project seeks to position the harbor as an international trade channel able to attract bigger ships and therefore enhance international trade and increase profitability. The expanded canal will be able to handle vessels of up to 1200feet in length, 160 feet beam and a draft of 49 feet (Sayre, 2010, p. 16). After completion, the canal will help reduce waiting times and bring down the costs of shipping significantly (Berman, 2006). According to the projections by Panama Canal Authority, canal expansion project is going to result to between 7 to 17 percent savings to shippers due to increased capacity (Panama Canal Authority Announces Expansion Plans, 2006, p. 12). The decision to expand the canal took into consideration various factors that could be affected by its expansion both locally and internationally. This report highlights some of the areas that have been considered since the decision to embark on Panama Canal Expansion Program was made. It will also evaluate the issues of international governance, change leadership, performance and procurement management and human resources issues surrounding Panama Canal expansion. Background The genesis of a canal running across the Isthmus of Panama goes back to 1534. At this time, the king of Spain, Charles V ordered a survey to be carried out in search for a route passing through the Americas that ships traveling Between Spain and Peru could use (Caso & Welsh, 1978, pp.72 . This discovery of gold in California was met with interest to cross between the Atlantic and Pacific ...Download file to see next pagesRead More
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