Risk management is the identification, prioritization and assessment of risks followed by economical and coordinated use of resources to monitor, minimize and control the impact or probability of occurrence of risks and to maximize opportunities realization. Risks may arise from…
Manufacture of aircraft parts involves many risks and therefore the need to develop a good risk response plan.
The risks involved in the manufacture of aircraft parts vary widely. The risks may be financial, supplier related or directly related to the manufacturing process. Aerospace manufacturers rely more heavily on the global suppliers which increase to risks. Aircraft parts manufacturers therefore are more exposed to supply chain disruptions leading to disruptions in the production schedules. This is harmful to the learning of the business as there is usually corporate upheaval and loss of sales. The risks of a supplier of raw materials may be reputational, financial regulatory or worse still penalties.
Some of the parts manufacturing may also be outsourced to other manufacturers therefore the company may face risks of getting parts that are incompatible with one another. This further delays the manufacture of the aerospace industry parts. The manufacturers also face the challenges of overrelying on one supplier of specific parts. In case there is a problem with the supplier, the manufacturing process is disrupted and the manufacturer incurs huge losses. The manufacturing process risks include injury from the metals parts, chemicals and the power. This may generally harm the employees who may seek compensation from the manufacturer. The manufacture of aerospace parts involves use of high temperatures and high voltages. Also the chemicals used are inflammable therefore if handled without care they may explode (Huskamp & Lyons, par 2).
The probability of risk occurrence can be measured through use of previously collected data. The probability of occurrence of raw materials and parts suppliers related risks can be estimated through the evaluation of the financial status of the supplier. When the financial status of the supplier is above board, there is less ...
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(Week 6 Essay Example | Topics and Well Written Essays - 750 Words)
“Week 6 Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/miscellaneous/408273-week-6.
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