Describe the process of defining ecological value and discuss the application of probabilistic risk assessment methods

Analyzing Ecological Systems

Option 2: Gulf Oil Spill Case Study

Resource: University of Phoenix Library

Write a 700- to 900-word analysis of the British Petroleum Oil Spill in the Gulf of Mexico. Include the following in your paper:

· Describe the main events of the incident and the principle parties involved in a timeline.

· Describe the laws enforced at the time.

· List the ecological risks of the affected area at the time of the spill.

· Forecast what may be required of the oil industry relative to future risk assessments.

· How can economic value be allocated in this scenario?

· Describe the process of defining ecological value and discuss the application of probabilistic risk assessment methods in this case. Discuss the hazards and the risk uncertainties that can lead to a reanalysis of this case using probabilistic assessment.

· Describe how the risk assessment correlated to observed field studies and evaluate the importance of this type of correlation in general for all risk assessment efforts.

· What are the ecological and social values of concern in this case?

· Establish a value for the ecological components in this case. Are there any tradeoffs between wildlife and development? Why or why not? How is this risk assessment actually determined?

Cite two references.

Format your analysis consistent with APA guidelines.