THE V1 NAME
Every minute of every day, in large aviation transports around the globe, cockpit crews face a critical decision point at V1 airspeed.
As an aircraft accelerates along a runway, it’s flying speed increases linearly, while its kinetic energy increases exponentially. Very quickly, the fundamental performance indicator of airspeed is overtaken by the insidious force of kinetic energy. During this progression, a condition develops where the aircraft has not yet attained flying speed, but can no longer be stopped in the remaining runway distance. The onset of this condition occurs at the critical decision point of V1 airspeed.
Beyond ‘V1’, the aircraft is committed to continuing its acceleration toward flying speed regardless of the chance occurrence of abnormal events. In this regime, cockpit crews anticipate reacting to abnormal events with a host of prepared contingencies.
The same principle exists in operating commercial enterprises.
In global commerce, as in aviation, critical decision points are surpassed every minute of every day. Just like the acceleration of a large transport past ‘V1’, most of these decision points in commerce are composed of fundamental performance elements, whose behavior has been predicted and prepared for. And just as cockpit crews are prepared to perform contingency plans beyond ‘V1’, forward thinking enterprises may also prepare contingency plans to respond to known abnormal events once they too are committed to a particular course of action.
But there’s a catch.
The prediction of known events, as well as the preparation of contingency plans, are each limited by known possible events and sequences. At some point during the chance occurrence of unknown events and sequences, human choice must be relied upon to create the transition between 'the now' and 'the next'.
In commerce, that ability is presented by the free-market.