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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A CASE FOR OR AGAINST NEW ORLEANS2AbstractThis paper will look at a number of contributing factors that will them make arecommendation for rebuilding or not rebuilding New Orleans in the wake ofHurricane Katrina. This recommendation will be presented in two parts, Part A willanalyze the economics of New Orleans and evaluate the value based on a Cost-BenefitAnalysis in order to make a firm recommendation. By analyzing a Cost-BenefitAnalysis, it will be represented by the following constituents: the residence of NewOrleans, the residents of the surrounding floods plains, the Mayor of New Orleans, thefederal government agency known as Federal Emergency Management Agency (FEMA)and the taxpayers.This paper will look at scenario models, risk management models, and decisiontrees to support the decisions and analysis for the recommendation to rebuild or not torebuild New Orleans.Hurricane Katrina took an enormous toll on the residents of New Orleans. Over1200 lives were lost and countless injuries were suffered. The loss of revenue from theshutdown of businesses, loss of homes and possessions of residents caused much painand human suffering. This paper will conclude with an executive summary which willsummarize the recommendation for or against the rebuilding of New Orleans.

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A CASE FOR OR AGAINST NEW ORLEANS3Module 5-Assignment1:The Case for or AgainstNew OrleansBackgroundPrior to Hurricane Katrina, New Orleans was a booming economy that was based on itstourism. The city had a lot of offerings from the many restaurants, festivals, to the greatweather. Because of these positive attributes, New Orleans tourism was a thrivingmarket. There were additional economies for New Orleans, which were the miningindustry, transportation industries, and warehousing industries that were based alongits waterways. New Orleans was is also one of the largest ports in the world, as moreproducts came through this port than any other port in the world. Additionally, thereare many colleges in the area that add to the economic bottom line of the city. Theculture of Jazz, Blues, Creole cooking and Gumbo are a large part of the history, whichis the melting pot of culture of New Orleans.Katrina hit many southern cities. Louisiana, Texas, and Mississippi were all hitbut the most damage occurred in New Orleans. With the city mostly under sea level,this presented a large part of the problem when Hurricane Katrina hit. The majority ofthe city was flooded. More than $200 billion dollars in damages were estimated. Theloss of life, property, and business were devastating on the city of New Orleans. Thisnatural disaster disturbed the economic system of New Orleans as well as markets allaround the United States (U.S.). The trending effect was a loss of 100,000 jobs in ten

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