Risk Management in Aviation
This relatively short article will set the stage for productive discussions concerning the effective management of risk in large scale dynamic systems, for which future articles will be featured. One of the most important first steps in this regard is the pressing need to understand the operational nature of risk and a rising risk profile. Much about risk is at once poorly understood and treated often as a one-off event instead as a cluster of risk management issues to be addressed from the standpoint of convergent technology applications, and performance modeling. A clear distinction by what is meant by low risk, moderate risk, and high risk needs to be developed. This the author will attempt to do here. Once an unambiguous demarcation line between Low, moderate, and high risk is made then the author will be able to proceed to the next important step in their conceptual development, and that is the specification of the decision analytical structure for all Operational Decisions.