Crain's Chicago Business reporter Caroline Daniel says that Boeing is about to undergo yet another travail -- this time, at its own hands.

"Boeing," she says, "...is setting up an independent team based out of its head office to look at 10 to 15 of its biggest projects that could have a material impact on its performance, in an effort to re-assess the business case behind them."

She explains that the re-look order comes from none other than CEO Phil Condit himself. Boeing's Finance Director, Mike Sears, made the announcement.

The prevailing theory is that Boeing has moved too slowly to address problems in major programs, and has not considered options to enhance them, quickly enough.

Everything's in play.

Mr. Sears went on to say that some high-profile projects could be in for some pencil-sharpening exercises -- or perhaps the scalpel will be employed. "The 7E7 is a good one to list; Future Combat Systems, the satellite business, the Delta IV launch -- the kind of things where you make business plan assumptions, like are 'you going to invest $Xbn in a 7E7,' -- what assumptions have you made and how robust is the business case?"

There will be an internal attitide change, as well, emphasizing the risks of any given step, rather than merely addressing the 'opportunities' -- the organization sounds like it's going into its 'pre-vent defense,' trying to not have the bad guys score. The 'bad guys' in this case are carrying pens full of red ink. The new risk assessment team will be in on program gate meetings and other decision steps: "Their view of the risk of success may be different than an outsiders' view of risk of success," he said.

Expect some programs' deletion, some spinoffs, and further internal consolidation around the 'defense' (including 'homeland security') and 'airliner' businesses.

FMI: www.boeing.com