Week 6 Essay Example | Topics and Well Written Essays - 750 words

Week 6 - Essay ExampleManufacture of aircraft parts involves many risks and therefore the quest to develop a good risk response plan.The risks involved in the manufacture of aircraft parts vary widely. The risks may be financial, provider related or directly related to the manufacturing process. Aerospace manufacturers rely more heavily on the global suppliers which increase to risks. Aircraft parts manufacturers therefore are more exposed to supply stove disruptions leading to disruptions in the production schedules. This is harmful to the learning of the business as there is usually corporate upheaval and loss of sales. The risks of a supplier of barren materials may be reputational, financial regulatory or worse still penalties.Some of the parts manufacturing may also be outsourced to other manufacturers therefore the ships company may face risks of getting parts that are incompatible with one another. This further delays the manufacture of the aerospace industry parts. The ma nufacturers also face the challenges of overrelying on one supplier of specific parts. In case there is a problem with the supplier, the manufacturing process is disrupted and the manufacturer incurs huge losses. The manufacturing process risks include injury from the metals parts, chemicals and the power. This may chiefly harm the employees who may seek compensation from the manufacturer. The manufacture of aerospace parts involves use of high temperatures and high voltages. Also the chemicals used are inflammable therefore if handled without heraldic bearing they may explode (Huskamp & Lyons, par 2).The probability of risk situation can be measured through use of previously collected data. The probability of occurrence of raw materials and parts suppliers related risks can be estimated through the evaluation of the financial status of the supplier. When the financial status of the supplier is above board, there is little