Risk Management Coursework Example | Topics and Well Written Essays - 1500 words

Risk Management - Coursework Example A successful debris-control problem can significantly minimize the cost of FOD damage, as well as the possibility for injury to personnel. The paper investigates risk of ground damage on airports, which is a significant cost for airlines and airport operators. Foreign object debris manifest in diverse forms and emanates from diverse sources and can be located within an airport’s air operations area (AOA). FOD can yield to aircraft damage in the form of punctured or torn tires, engine failure, and nicked turbine/propeller blades. A FOD prevention program highlights aspects such as facility inspection, maintenance, and synchronization between all affected parties can reduce FOD as well it impacts (Castro, 2011). FOD can yield to damage via direct contact with airplanes by cutting the airplane tires, or injuring people or damaging airplanes after being propelled by the jet blast. The resultant damage can cost the aerospace industry close to $4 billion every year. Airports, airpor t tenants, and airlines can minimize this cost by embracing steps to safeguard airport FOD. Risk Assessment FOD programs derive from three fundamental areas of emphasis: first, it eradicates diverse categories of FOD inclusive of â€Å"processing debris† and treat all FOD as avoidable and with equal significance. Second, it re-emphasizes the role and authority for FOD safeguard at the operations level. Third, it promotes the significance of comprehensive independent evaluation by contractors and the government. Risk assessment against ground damage on airports is a significant cost for airlines and necessitates analysis of hazard scenarios (Sadgrove, 2005). The risk assessment module typically might address hazard scenarios during approach and landing; and, assessment scenarios as per the runway physical status (current situation, measures to minimize risk, and compliance). Risk analysis necessitates calculation of quantitative risk based on the approach for all scenarios (Ca stro, 2011). Assessment scenarios encompass detailed specifications suitable for all hazards spheres such as the present situation vs. regulatory compliance; the impact of projected internal/external development; and, cases incorporating diverse intermediate, as well as other measures such as removal of obstacles off and on the field, and modification of ground operations (Patankar & Taylor, 2004). Safety Risk Management can be categorized into three elements, namely: hazard identification, risk appraisal, and risk alleviation. The core objective of risk management centers on ensuring that all risks remain at an acceptable level. Risk assessment has overtime been one of the most challenging aspects of the risk management process for aviation operations. This arises from the subjectivity engaged in determining the severity of the consequences of damage from foreign objects and the absence of quantitative information on the likelihood of this occurring. Hazard identification centers o n collecting and analyzing safety data, which necessitates collection of safety data such as mandatory occurrence reports, safety reports, and safety surveys and audits. Hazard identification relates to collecting and appraising safety data, which is pertinent to spotlighting safety issues. Hazard identification avails the input for risk assessment. The analysis of risks entails probing existing controls and establishing whether they