Aviation Risk Management

In an increasingly complex global ecosystem, organizations face a growing number of risk factors. While risk is inherent in all industries, aviation projects are subject to enhanced scrutiny given the necessity to ensure safe, timely, and fiscally responsible outcomes. As a result, the acceptance of project management concepts within aviation projects has been widely adopted (Flouris & Lock, 2016). Failure to manage risk factors is observed in examples of unsuccessful projects – some with catastrophic outcomes involving NASA’s Space Shuttle Challenger and the Boeing 737 MAX, and the delayed open of Berlin’s Brandenburg airport. In the two instances tragically, lives were lost (Allen et al., 2016; Herkert et al., 2020), and the second example the airport’s $7 billion cost was three times more than the original project budget (Wagner, 2017). These examples underscore the importance of improved risk management practice throughout the aviation supply chain – from manufacturing to airport design and beyond. In an industry fraught with high-stakes risk factors, the inconsistent implementation of risk management practices (Taroun, 2014) suggests the need for focused research into how risk is managed within aviation projects. This focused examination of risk management in aviation projects provides practical insight in an industry where the unknown must be managed to minimize tragedy and capitalize on opportunity © 2022, International Journal of Aviation, Aeronautics, and Aerospace.All Rights Reserved.