De Havillands Falling Comet - Assignment Example

Finances, properties, and time were also lost in such accidents whose risk factors were not determined early enough and mitigation measures set on a timely basis.
Risk management could aid in the development of Comet in several ways to avoid the problems that emanated. The risk management could have engaged in risk identification and assessment. This could be done through proper risk analysis to establish the potential impacts of such risks. This could help in coming up with mitigative measures for such risks early enough. In addition, risk management could have aided through monitoring of such risks and offering professional advice to de Havilland Aircraft Company regarding such risks. in addition, risk management could have helped in ensuring design testing for the Comet to ascertain the credibility of the aircraft for its operations.

There are several risks associated with any invention. These may include technical risks, financial risks, commercial risks, and psychological risks. In addition, sociological risks also form part of the risks associated with innovations. About Comet, technological risks, sociological and financial risks were evident. A lot of money was invested in the design of the aircraft. In addition, several funds were invested in the manufacturing industry of Comet.

This money was invested in creating a streamlined airplane that could comfortably carry passengers amidst maintaining aerodynamics at relatively high speeds (Case Study 7.1. Classic Case: de Havilland’s Falling Comet). Technological risks associated with the comet’s case involve the repeated accidents that befell the aircraft leading to the loss of several lives. This follows the new and radical features of such aircraft. These new features were too risky and were associated with the explosions of fuselages, as well as, metal fatigue from the wings of the aircraft.
The consequences were so much catastrophic as they led to massive loss of lives, properties, and finances.

The success of innovations majorly depends on the time taken to come up with such discoveries. Investing in time is crucial in perfecting new technologies in several aspects. Taking enough time to create technology is crucial in assessing such technology with regard o its possible flaws and correcting them in time. It allows for ample assessment, monitoring, formulation, and implementation of strategies meant to curb any risk that may befall such an invention in its operational phases. However, de Havilland’s major error in the development of the aircraft is that they did not give ample time for the establishment.

They were so hasty in their operations without considering the potential impacts that could befall the invention in the future. They were so quick to hit the market before their competitors. As such, they overlooked some possible risks that could befall the invention.
It is of critical importance to note that in most cases, “failure is the price we pay for technological advancements.” This follows that technological advancements are associated with lots of risks. Taking huge risks may be challenging if one needs to succeed in any project. There is a need for proper risk assessment before initiating such projects. This should be followed by proper risk preparedness. However, some technological advancement always overlooks such risk analysis and management. This leads to the failure of such advancements. Read More