Module 5- Assignment 1 The Case for or Against New Orleans

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A CASE FOR OR AGAINST NEW ORLEANS1Module5-Assignment1TheCase for or AgainstNew OrleansSometimes one’s choices may involve catastrophic decisions and bear great risk and yet there can be noclear answer. For example, if a person gets a divorce, shutters a plant, sells a losing investment, orcloses their business, will he or she be better off? The following case incorporates nearly all of thematerial you have covered this far and presents an example of one such choice where nearly all of thealternatives have a significant downside risk.Review the following information from the article “A Cost-Benefit Analysis of the New Orleans FloodProtection System” by Stéphane Hallegatte (2005):Hallegatte, an environmentalist, assigns a probability (p) of a Katrina-like hurricane of 1/130 in hiscost-benefit analysis for flood protection. However, the levees that protect New Orleans also putother regions at greater risk. You may assume the frequency of other floods is greater than Katrina-like events (Vastag & Rein, 2011).The new levees that were built in response to Katrina cost approximately fourteen billion dollars(in 2010). This is in addition to the direct costs of Katrina (eighty-one billion dollars in 2005).50 percent of New Orleans is at or below sea level.A100-yearevent means that there is a 63 percent chance that such an event will occur within a100-year period.Part AAnalyze the economics of New Orleans in light of the above parameters and develop your ownCost-Benefit Analysis (CBA) for rebuilding.Evaluate the value of the CBA for each constituency and integrate these estimates into ascenario model and/or decision tree. Analyze the results.Clearly each of these constituencies may both overlap and be prey to a variety of group dynamicsinternally. For one of these options, discuss the decision pitfalls to which they may be susceptibleand make a recommendation on how to alleviate these pressures.Starting with your CBA, estimate the relevant expected utility for theinterested constituencies.Part BMake a case for or against rebuilding the city of New Orleans. Thisshould be an executivesummarybe concise and brief. Include exhibits.Whether you are for or against, discuss how social heuristics could be used to your advantage,both ethically and unethically, in making your case. You may choose to fill the roleWrite an 8–12-page report in Word format. Apply APA standards to citation of sources. Useproper spelling and grammar throughout, and keep the text legible and balanced with visuals. Usethe following file naming convention: LastnameFirstInitial_M5_A1.docof one of the constituents, ifyou prefer.

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