Article details

Title: An Innovative Framework for Designing Active Strategies for Safety Management Systems in Aviation Based on Dynamic Capabilities and Option Thinking
Author(s): Elena Corina Boscoianu   Bogdan-Alexandru Belega               

Abstract: The strategy for designing an adequate safety management system in aviation SMSAv is critical in the actual context of disruptive technological progress in a turbulent and volatile environment. The actual architectures of SMSAv are purely static and influenced by ambiguity (the change of initial conditions could impact the inertia in changing the course of action) and a tendency to underestimate the picture of risk. Dynamic capabilities as a strategic thinking paradigm could be utilized in processes of safety management integration, development and reconfiguration by adding the option thinking paradigm, expressed by real option analysis. Option thinking paradigm is added to the dynamic capabilities in a unique way to cope with the complex problem of safety management in aviation systems.

Keywords: safety management systems in aviation (SMSAv); safety risk management in aviation (SRMAv); design of strategies; dynamic capabilities (DC); real option analysis (ROA).

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