Risk can be defined as “the threat or probability that an action or event will adversely or beneficially affect an organization's ability to achieve its objectives”. In simple terms risk is ‘Uncertainty of Outcome’, either from pursuing a future positive opportunity, or an existing negative threat in trying to achieve a current objective. 
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events. 
In an effort to improve operational safety, efficiency and as a service to airlines, Boeing Safety Management System (BSMS) provides a comprehensive human-error risk management toolset that can help an airline identify and reduce safety risks in a variety of operations.
Studies have shown that commitment to established procedures is one of the best strategies for enhancing airline safety. The following tools relies heavily on the investigative philosophy that professional flight crews and airline personnels very rarely intentionally fail to comply with a procedure - especially if doing so is a safety risk. These tools are used to analyze situations in which crew procedural deviations led to a safety hazard or incident. The cognitive analysis process identifies factors that contributed to crew procedural errors and decisions such as ambiguously written procedures, inadequate training, unexpected operational situations or individual judgment. From this analysis, it is possible to develop specific recommendations or procedures aimed at preventing the re-occurrences of such errors in the future.
Boeing developed and validated these analytic tools with the participation of a multi-cultural team comprised of representatives of eight airlines in Asia, Europe and North America, as well as the International Federation of Airline Pilots Association. 
Risk Management Tools
Procedural Event Analysis Tool
- Procedural Event Analysis Tool (PEAT) is a structured, cognitively based analytic tool designed to help investigate flight crew procedural errors and develop strategies to prevent future similar errors.
Cabin Procedural Investigation Tool
- Cabin Procedural Investigation Tool (CPIT) is a structured analytic tool developed to help operators understand the reasons underlying incidents caused by cabin crew procedural deviations. which are oriented toward flight and cabin crew activities.
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Maintenance Error Decision Aid
- Maintenance Error Decision Aid (MEDA) is a structured investigation process used to determine the factors that contribute to errors committed by maintenance technicians and inspectors.
Ramp Error Decision Aid
- The Ramp Error Decision Aid (REDA) is a structured investigation process used to determine the factors that contribute to errors committed by ramp and other ground operations personnel such as baggage handlers and individuals involved in aircraft servicing.
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Want to know more?
- Procedural Event Analysis Tool
- Page showing information on flight crews procedural event analysis.
- Maintenance Error Decision Aid
- An overview on maintenance error investigation process.
- Commercial Aviation Services
- More information on Boeing's full support for airline flight operations, including innovative information-management solutions and a global training network.