Introduction
Infrastructure assets, although very beneficial to society are often marred with high profiled accidents and deaths. Industry segments such as trucking, rail transportation, and ocean shipping have all experienced very high profile and deadly accidents. Although the statistics indicate the many of these activities are safe, occasionally accidents occur that can adverse consequents for not only the company, but the industry overall. The airline industry is not except for this criticism either. The airline industry is particularly fraught with oversight primarily due its importance global economy. The airline not only transports goods around the world but also individuals. These individuals are often helpless in the event of a malfunction or a serios lapse in protocols. As the September 11th, terrorist attacks illustrated, airlines can also be the target of extremist’s groups looking to harm the United States. From a national security perspective, airline also ship mission critical information, goods and products around the world. The recent COVID-19 pandemic illustrates the importance of airline companies in transporting life saving vaccines and doing so in a temperature controls and secure fashion. As result of the overall importance of the airline industry to consumers, industries and society overall, it is often a prime candidate for risk assessment. The modified bow-tie model is particularly useful as it allows multiple sources of inputs and consequences for a single event. It also provides insights into preventative measures and how to properly mitigate the risks associated with the aviation industry. Although risk can not be fully eliminated, through the use of the modified bow-tie methods risks can be substantial diminished (Cederholm, 2008).
The overall purpose of the risk assessment is the minimize risks associated with the airline industry. Due to its importance to society, individuals travel, and global commerce, periodic risk assessments must be conducted to maintain the overall safety of the industry. Likewise, risk assessments can ultimately increase consumers confidence in utilizing the industry for their commerce and transportations needs. As COVID-19 has illustrated, a severe lack of consumer confidence, especially related to health safety can have a serve impact...
References:
1. Cederholm, T., 2014. Competition In Airline Industry. [online] Marketrealist.com. Available at: (Accessed 8-December-2020).
2. International Air Transport Association (IATA). 2015. FX Impacts On Airlines. [online] Available at: (Accessed 8-December-2020).
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