Aviation Risk Assessment in the Context of Uncertainty

Abstract

The paper analysis a subject insufficiently addressed or even misunderstood (i.e. uncertainty) in relation to describing aviation safety, financial or social risks. In the context of Covid-19 pandemic, uncertainty becomes a habit and the aviation industry has to confront and mitigate it. The study outlines the characteristics of risks under uncertainty, conditions for triggering risks and the importance of proper understanding of notions as an instrument for collaborative decision making and managerial success. After reviewing various studies, the authors differentiate the informally use of the two terms from the academic (formal) one and highlight the distinction between real and perceived risk influenced by uncertainty. Finally, a research on the limitations of different performance related indicators while dealing with unclear, imprecise or incomplete knowledge is achieved.