Risk Management Practices in the Aviation Industry: Lessons Learned and Effective Tools… A Mixed Method Approach

Abstract

Verbatim from Embry-Riddle Scholarly Commons. Not paraphrased, not summarized.

This paper provides a data-driven approach to apply lessons learned from Project Risk Management in the aviation industry. This is accomplished by performing a qualitative analysis to inform a second-pass quantitative analysis using tools like surveys, word clods and analysis through NVivo and Singular Value Decomposition (SVD). The results of this analysis show that the most important lessons are elements of early identification, rigorous risk identification and analysis and a focus on reducing risks inherent within the aviation history. Furthermore, the analysis yielded the following top tools for risks management within their phases of the project life-cycle: document review, checklists or taxonomies, retrospection, assessment of risk parameter, data quality assessment, data analytics and status meetings.

Authors

• Marion Jr., Jim W, PhD Embry-Riddle Aeronautical University
• Richardson, Tracey M Embry-Riddle Aeronautical University
• Denney, Valerie Embry-Riddle Aeronautical University
• Chaves, Carlos Embry-Riddle Aeronautical University

Keywords

• Risk
• Project Management
• Qualitative Analysis
• Quantitative Analysis
• Singular Value Decomposition
• Lessons Learned
• Aviation
• Business Analytics
• Management Sciences and Quantitative Methods
• Operations and Supply Chain Management
• Organizational Behavior and Theory