CHAPTER 4

Covered with Oil

Incorporating Realism in Cost and Schedule Risk Analysis

Jimmy Buffett’s most popular song is “Margaritaville.” The easy-listening rock hit has spawned a variety of merchandise, including a restaurant chain. The 1977 song is set in a tropical climate. One of the lines in the song’s lyrics refers to beachgoers covered in tanning oil. Jimmy Buffett probably never imagined that this could apply to crude oil instead. However, the 2010 oil spill in the Gulf of Mexico resulted in oily beaches on the US Gulf Coast. Both the cost and environmental impacts were much worse than anyone had predicted. It was the biggest oil spill ever. The leak wasted more than five million barrels of oil and was an environmental disaster.1 This ...

Get Solving for Project Risk Management: Understanding the Critical Role of Uncertainty in Project Management now with the O’Reilly learning platform.

O’Reilly members experience live online training, plus books, videos, and digital content from nearly 200 publishers.