Question

Evaluate Southwest Airline's (within the last year) actions dealing with risk and uncertainty. Offer advice for improving risk management.

Answer 1

Solution -

Preparing or preparing to prepare or handle most of the results - In a business, a company that is willing to deal with a large number of problems is a success. Assuming that most of the events will happen is always wise for an organization, instead they should be prepared to deal with different consequences without considering the various things they expect. In the recent years, South-West Airlines has done the same to handle risk and uncertainty.Because of the foresight of the events, the airline has been able to respond effectively to various events. The best way to improve this is by ensuring that all departments and all employees are involved in the organization's planning process.

To increase their reputation for extreme scenarios- The organization has done so that they are in a position to handle various types of risks and uncertainty. This means there are some programs that can overcome their ability and they can easily solve the risks

Focusing on input evaluation and not focusing on the output reduces the incidence of such incidents.

The airline effectively responds to the effects, thus recognizing and relating to the expected events of the situation.

Trying to ensure that they respond as quickly as possible - An important way of handling risks in the airline industry is that the minimum time-response team is always ready to reach the scene and saves the situation before it gets worse.

Using analytical techniques that do not require a high level of accuracy - it keeps them in good standing with the identity and attendance at risk and uncertainty.