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World of Aviation/aerospace

Essay by   •  June 13, 2012  •  Essay  •  899 Words (4 Pages)  •  748 Views

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1. Why is risk taking necessary in the world of aviation/aerospace?

Risk taking promotes creativity; in a company that has a culture that allows risk taking it allows people to work outside current comfort zones with out fear of failure. Working on the cutting edge always has risk but this promotes returns and sustained growth in the industry.

2. What real world factors may influence risk taking decisions in the aviation/aerospace industry?

The balance of risk vs. possible gains is an ongoing evaluation: It usually starts with investment capital. Do we have the financial resources for development? The next question is can and will our customers buy this? Can our current personnel and facilities support the new production requirements?

Some other factors may be serious competitor in the market, change of a political regime, or natural disasters and the prior experiences of executives.

3. How might risk or uncertainty levels be reduced in the world of aviation/aerospace?

First is good Market research; what is needed, who can afford it? What will they pay? Who else can do this (competition) could they do it better or cheaper?

Good up to date training procedures to insure employees are knowledgeable and produce quality. The company must emphasize proper equipment maintenance and equipment operation standards to ensure that every thing functions as per design. The company must emphasize proper safety and inspection procedures to protect employees and equipment.

4. Why do aviation/aerospace executives worry about profit?

Profit is why they are in business, people invest in a company with the expectation of a return, so they must satisfy shareholders' expectations to maintain them and attract new investors. The profits provide solvency for the company and allow for growth. A profitable company will have a good public / Media image that will attract quality employees and new customers.

5. Why might profit not always be a valid indicator of an aviation/aerospace company's well being?

First is how were the numbers run to determine profit, possible misreporting of earnings and what are the companies liabilities.

The unexpected can quickly affect a company's value, natural disasters or tragedies.

How do they take care of their employees? If your key employees are unhappy, they will soon find other places to work.

Product or service quality issues can quickly cost you money and customers. Does the company have a good quality assurance program in place and being used?

Legality or regulations issues can also cost a lot of money, so are they incompliance and transparent. Or are some of the profits coming from cutting corners?

6. Why is competition important in the world of aviation/aerospace?

* Competition promotes ideas and innovation, to stay a head of the competition you must keep improving. Competition keeps the pricing under

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