"How is this a management credibility issue?"Because they are...

"How is this a management credibility issue?"

Because they are the ones giving the estimates on timeframes, which they have failed to meet every time. They are either overly optimistic, completely naive, or out of touch with the process and politics of the regulator they are dealing with.

If I repeatedly gave cost/timeframes estimates to the board/shareholders of my organisation that I repeatedly failed to meet I would be out of job quick smart. Accountability is key for management, and it's not good enough to just shrug and say "oh well its the FAA". Sooner or later management has to take responsibility for the information they are providing to the market.

I would prefer an honest "timeframes for approval remain unclear" instead of the same old "we expect approval by <date>" crap that these guys have been trotting out for the last five years.