Abstract
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.
Acknowledgements
This research was partially funded by Embry-Riddle Aeronautical University Faculty Research Development Program grant title Project opportunity management in the aerospace industry: What is the state of the practice ? V. Denney, PI. Awarded in 2020
Scholarly Commons Citation
Marion Jr., J. W.,
Richardson, T. M.,
Denney, V.,
&
Chaves, C.
(2024).
Risk Management Practices in the Aviation Industry: Lessons Learned and Effective Tools… A Mixed Method Approach.
International Journal of Aviation, Aeronautics, and Aerospace,
11(2).
DOI: https://doi.org/10.58940/2374-6793.1891
Included in
Business Analytics Commons, Management Sciences and Quantitative Methods Commons, Operations and Supply Chain Management Commons, Organizational Behavior and Theory Commons
