Risk and uncertainty in the aerospace industry : a focus into the manufacturing environment

M.Ing. (Engineering Management)Many companies measure their performance on how well they manage projects. In some cases using only project management methods will not be able to deliver a successful project when unexpected incidents and various uncertainties are present within a project. The aim of project managers is to ensure a smooth and methodical process is followed to achieve the expected outcome in terms of on time schedule delivery, quality and repeatability. Yet uncertainty is intrinsic in every aspect of the project. The ability to identify and react to the effects of uncertainty will significantly impact the final outcome of the project. The objective of this dissertation is to identify processes that can be improved to manage risks as well as creating a mindset of how successful the company can become by improving the current process of managing risks, by introducing proven concepts and the ability to realise and overcome these risks. Specific research questions were posed and during the implementation phase, the answers of these questions were given. Finally the management of opportunities will be looked at, and how these can be improved, as well as being competitive when bidding for jobs and establishing a costing method that has minimal risk when costing for new work