In the race to get products to market, does risk-mitigation get enough time in the winner’s circle?
What do aerospace, medical device manufacturers, and auto racing all have in common? Answer: the need to minimize risk of premature/unexpected component failure while crossing the finish line first. While these industries each have vastly different stakeholders, goals, and success metrics, all look to avoid costly breakdowns in the field. And speed is key. Being the first across the finish line in auto racing gives you the largest share of the purse, not to mention first choice of lucrative endorsement deals. Being the first to market with an innovative or more reliable medical implant or a lighter aircraft component helps in marketing, product launch success, or company profitability and growth. However, pushing the design limits to gain this speed advantage must be weighed against the possible failure of the component in an unforeseen manner. Read more