INVESTMENT SECURITY OF AVIATION ENTERPRISES IN THE CURRENT CONDITIONS OF THE DEVELOPMENT OF THE WORLD ECONOMY

Objective: The article considers the problem of investment security of aviation enterprises. The article is presented as a systematic alternative to the methodology for calculating risks and situations in the economic environment of the aviation enterprise. Methods: The category of aviation risk as an economic category of investments is considered; various dangers and risks in the aviation economy of the enterprise are systematized. The category of investments is presented taking into account the specifics of transportation of the aviation industry and the technical conditions of aviation activities. Results: The vectors of economic security in the aviation economy are analyzed; the analysis of situations in risks and dangers as probabilities of losses and losses at realization of investments is given. The company is considered as an object and subject of investment. The subjective composition of the investment security category as a component of the economic security of the aviation enterprise is presented. Conclusion: The category of the phenomenology of investment activity as an element of society and the impact of investment on the economic environment of the aviation industry is considered and analyzed for the first time. The article will be useful for experts in the field of economics, aviation and investors and analysts

Saudi Arabian aviation construction projects: identification of risks and their consequences.

Airport projects are considered to be very complex, as they face a number of challenges which inevitably expose them to risks. In Saudi Arabia, the aviation sector is considered an important sector due to the fact that Saudi Arabia is the first destination for Muslims on an annual basis. As a result, the Saudi government has allocated a significant amount of its general budget to this sector through the General Authority of Civil Aviation (GACA). However, it has been found that these projects are still delivered with a significant number of time and cost overruns. These consequences are typically generated from the risks involved in the projects. Thus, the aim of this paper was twofold: first, to identify risks associated with aviation construction projects in Saudi Arabia and, second, to evaluate the consequences of these risks on a number of GACA projects. Critical literature reviews of common risks associated with aviation projects have been carried out. These were followed by 13 semi-structured interviews with expert project managers, including clients, contractors and consultants who have been involved in GACA projects. As a result, 54 new risks have been identified and classified into three levels: internal, external and force majeure. Results have confirmed the existence of time and cost overruns for GACA projects. The significance of the identified risks is currently being assessed and will be reported in a further paper

An Overview and Comparison of Aviation and Space Insurance

Commercial aviation and commercial space operations entail significant risk. The very nature of these operations means a mishap can result in significant financial losses. Insurance enables operators to reduce the magnitude of their exposure in a predictable and reliable way; and likely increases the willingness of businesses to participate in these industries. Insurance coverage also provides assurances that financial resources exist to cover any third-party liability claims resulting from accidents. For these reasons, the acquisition of insurance by industry participants can be desirable as a matter of public policy. This paper examines the availability of insurance coverage for commercial aviation and commercial space operations, including a comparison of the types of risks covered and typical policy terms. The paper additionally surveys what, if any, national laws mandate that operators acquire coverage. Research reveals that aviation insurance products remain readily available and much price competition exists. The low cost and availability of aviation insurance means air carriers are likely to obtain insurance coverage independent of explicit legislative mandates to do so. Space insurance costs, however, comprise the third largest space program cost, representing 10% of the overall cost. Spacecraft operators demonstrate a willingness to forgo insurance as a risk reduction strategy. National laws requiring insurance in the space industry are few and are primarily focused on indemnification of the state’s liabilities under international treaties

An assessment of the risk arising from electrical effects associated with carbon fibers released from commercial aircraft fires

The risks associated with electrical effects arising from carbon fibers released from commercial aviation aircraft fires were estimated for 1993. The expected annual losses were estimated to be about $470 (1977 dollars) in 1993. The chances of total losses from electrical effects exceeding$100,000 (1977 dollars) in 1993 were established to be about one in ten thousand

ANALYSIS OF AIRLINE HAZARDS AND RISKS

Airline industry, typical high risk taking business,has faced severe management environment in recent years. As the first step of aviation risk management, the nature of aviation risks were clarified through the assessment of true of hazards of aircraft operators. Advanced technology aircraft have been promoted the convenience and efficiency by automation and computerization, whereas they have created the environment to introduce another risks. Unsafe means inefficient. Efficiency consists of safety and technical progress

The Impact of Flight on Cabin Crew Wellness: A Literature Review

Since its conception in 1903, aviation has captivated the attention of people across the globe and has been utilized in many sectors of society. Aviation related occupations pose a unique set of risks to those working in the field, health risks being one of the most prominent. Cancer, cardiovascular disease, musculoskeletal ailments, and genetic damage have all been studied as potential consequences of working in the aviation industry, as some studies indicate a higher prevalence of these issues in aviation employees. Apart from physiological issues, mental health issues have also been observed in those working in aviation. Mental health issues affect military pilots, commercial pilots, and cabin crew; however, each sample displayed different ailments due to the distinctive differences in their occupations and duties. The Federal Aviation Administration (FAA) has guardrails in place to prevent adverse health affecting the safety of flight, and to protect the industry overall. However, the effectiveness of these safeguards is called into question, as most studies depicted an alarming rate of mental health issues in aviation related jobs. Contrarily, any physical health issues of the participants did not appear to be a direct consequence of flying, however they could be further agitated by partaking in it

MRO Cybersecurity SWOT

This article intended to identify gaps in the safety management system (SMS) framework when it comes to dealing with cyber risks and hazards in the maintenance, repair, and overhaul (MRO) industry. Cybersecurity is currently a concern of the aviation industry, but organizations in the MRO industry do not seem to be aware of any specific risks and hazards and therefore are not prepared to handle them. Concerns are largely around the increasing reach of aviation and the digital transformation of infrastructure, but the body of knowledge does not go into any greater detail. As a result, it is hard to identify any gaps in the current SMS framework. Rather, recommendations are made regarding the inclusion of cyber risks and threats into the existing SMS

Systems Analysis of NASA Aviation Safety Program: Final Report

A three-month study (February to April 2010) of the NASA Aviation Safety (AvSafe) program was conducted. This study comprised three components: (1) a statistical analysis of currently available civilian subsonic aircraft data from the National Transportation Safety Board (NTSB), the Federal Aviation Administration (FAA), and the Aviation Safety Information Analysis and Sharing (ASIAS) system to identify any significant or overlooked aviation safety issues; (2) a high-level qualitative identification of future safety risks, with an assessment of the potential impact of the NASA AvSafe research on the National Airspace System (NAS) based on these risks; and (3) a detailed, top-down analysis of the NASA AvSafe program using an established and peer-reviewed systems analysis methodology. The statistical analysis identified the top aviation "tall poles" based on NTSB accident and FAA incident data from 1997 to 2006. A separate examination of medical helicopter accidents in the United States was also conducted. Multiple external sources were used to develop a compilation of ten "tall poles" in future safety issues/risks. The top-down analysis of the AvSafe was conducted by using a modification of the Gibson methodology. Of the 17 challenging safety issues that were identified, 11 were directly addressed by the AvSafe program research portfolio

Crew Resource Management and Its Possible Role in Nursing Risk Management

Crew Resource Management (CRM) was introduced within the aviation industry in the late 1970s after an aircraft ran out of fuel whilst the pilots were trying to solve an undercarriage problem. To reduce such errors and ultimately lower the probability of failure and the severity of risks that occur, training in CRM was rolled out across the whole industry. It has been successful over the last few years in major reductions in the number of crashes and fatalities in the commercial aviation sector. Nursing has similar concerns in that errors can ultimately result in fatalities. There are parallels in the needs and expectations of pilots and nurses to assess risk, reduce risk and deliver reliable and dependable professional services. In this paper the parallels of pilots and nurses demands are compared to assess if the lessons learned in aviation can assist nurses deliver procedures with lower risks. The analysis will draw on the demands and expectations and how they both deal with risk, challenging errors and ensuring that identified risks are not overlooked or ignored. Finally, suggestions of adopting, sharing and benchmarking between these two industries can adopt best practices so that both industries can learn from each other