Navigate the ‘Safety Space’
The decision on whether making aircraft airworthiness management more intensive (with higher running costs), or acquiring a new aircraft (with necessarily higher ownership costs) exemplifies how to healthily navigate the ‘Safety Space’, a notion derived from the ‘Economics of Safety’.
Decisions are made within the ‘safety space’ so long as a condition of equilibrium is reached between the amount of resources made available for performing flying missions (‘Production’), and the resources made available for targeting the safety risks associated with flying (‘Protection’). A massive upfront investment – such as acquiring a new aircraft – is often justified in safety and economic terms in comparison with recurrent, expensive repairs and preventive maintenance, plus increasing uncertainty over equipment reliability.
Author: Mario Pierobon
Kindly reproduced with the permission of AV Buyer.