Failure of Comet Essay

In the first part of this report, the writers focused on the process to undertake risk management, which including risk identification, analysis of probability and consequences, risk mitigation strategy and finally control and document. Subsequently, the writers did the analysis and hypothesis on how can risk management be helpful if De Havilland Company undertook risk management during the process of Comet project. While in the second part, the writers discussed different types of risk that related to the Comet project, such as, technical risk, financial risk, commercial risk and human resource risk. The most critical risk was technical risk because it may have lead to many problems, such as, damage of image, financial loss and unsalable product. Regarding the third part, the writers concluded the critical errors of the company made in the Comet project. In our opinion, one critical error was too big distinction of company pursue in a limited time. The research and development of high technology product itself implied huge risk and uncertainty that have to be handled within a certain period of time, let alone fulfill the extra new design elements in a short period. Another problem was their slow reaction of accident. They were over dependent on the opinion of designer, but in fact, the subjective judgment of designers didnt lead the company to get out of the trouble. In the final part, the writers reviewed the statement Fail is the price we pay for technological advancementand noticed that although risk management may help organizations face those risks and reduce their loss, risk cannot be total avoided in general. Without failures, our society may not be so developed. How risk management could have aided in Comet project As we know,