Boeing is an Amercian multinational cooperation that offers aircraft and product support services (Boeing: The Boeing company, no date). Being in the aircraft business involves a lot of risk unless someone is not careful and decisions are not made through careful and accurate analysis. They need to be on top of their game at all times ensuring safety of passengers and to uphold a good reputation to be able to be successful in the industry, in the long run.
Risk comes in a number of different ways and are often unexpected. Risk management is fundamental to all business activities. A good method of managing risk is by looking back at their past mistakes, evaluating them, correcting them, working on them and ensuring they don’t happen again. By doing so, they can avoid and mitigate potential pitfalls. In December 2006, the Boeing airplane was found to be much heavier than it was supposed to be as well as other technical problems which had caused a delay for it to enter service (Laurin, C. 2010). The company should consider possible events that could affect the project’s outcomes and then creating contingency plan.
Boeing Commercial Airplanes should take up proactive attempts to foresee probable conditions that could prove adverse to the project and to plan to mitigate (find a solution which decreases the negative impact of the …show more content…
Risk management is a critical element of all projects. Boeing can do so by identifying the risk then prioritising the risks based on its risk of occurrence and impact then make a plan to reduce and hopefully avoid such risks. The project will have a higher chance of being successful when the risks are anticipated prior to their occurrence. In May 2015 Boeing found that their engine would automatically shut down due to long use of the engine. This is extremely dangerous to many lives if they don’t have a backup
Risk comes in a number of different ways and are often unexpected. Risk management is fundamental to all business activities. A good method of managing risk is by looking back at their past mistakes, evaluating them, correcting them, working on them and ensuring they don’t happen again. By doing so, they can avoid and mitigate potential pitfalls. In December 2006, the Boeing airplane was found to be much heavier than it was supposed to be as well as other technical problems which had caused a delay for it to enter service (Laurin, C. 2010). The company should consider possible events that could affect the project’s outcomes and then creating contingency plan.
Boeing Commercial Airplanes should take up proactive attempts to foresee probable conditions that could prove adverse to the project and to plan to mitigate (find a solution which decreases the negative impact of the …show more content…
Risk management is a critical element of all projects. Boeing can do so by identifying the risk then prioritising the risks based on its risk of occurrence and impact then make a plan to reduce and hopefully avoid such risks. The project will have a higher chance of being successful when the risks are anticipated prior to their occurrence. In May 2015 Boeing found that their engine would automatically shut down due to long use of the engine. This is extremely dangerous to many lives if they don’t have a backup