Abstract
Background: Uncertainty is the major source of hazards, and it is present in a wide range of business activities. Due to the high level of unpredictability in logistics operations, the logistics sector has traditionally operated in a high-risk environment. These risks have become considerably more complicated as the corporate environment has changed in recent years, such through globalization, environmental concerns, and changes in demand. As a result, in order for a logistics firm to thrive, it is necessary to evaluate and assess the risks associated with logistics. Methods: The Plithogenic Stepwise Weight Assessment Ratio Analysis (SWARA) has been used in this study to assess the logistics risks. The logistics risk considered in this study are transportation-related risks, purchasing-related risks, inventory-related risks, information-related risks, packaging-related risks, operational-related risks, geographical location-related risks, natural disaster-related risks, and organization-related risks. Results: The most significant logistics risks are found to be Inventory-Related Risks, while the least significant are Geographical Location-Related Risks. When compared to the standard SWARA approach, the Plithogenic SWARA method may be employed in group decision-making issues without losing information. Conclusions: The proposed technique will help logistics professionals make informed decisions and manage and analyze risks more efficiently. This study will also contribute to the literature as it is the first time that logistical risks have been addressed by utilizing the Plithogenic SWARA technique.
Highlights
By means of the Plithogenic Stepwise Weight Assessment Ratio Analysis (SWARA) method, individual decisions can be combined without the loss of information in group decision-making problems
Because of the uncertainty in logistics operations, such as robbery, weather conditions, and environmental variables, the logistics business has traditionally operated in a high-risk environment
Since the corporate environment has changed in recent years with globalization, environmental problems, and demand shifts, these risks have become considerably more complicated
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. Uncertainty is the main source of the risks, and it is involved in many business operations. Companies are getting more concerned about risk and risk management processes as the markets getting more dynamic and unpredictable due to several factors such as demand, financial issues, and environmental factors. The company often faces risks in its own departments, such as the marketing department, operations department, human resources department, and finance department, etc. Risk has been widely researched in the literature and different definitions appeared for risk term as risk encompasses a wide range of concepts and can be classified according to a variety of factors. Risk refers to the likelihood of unfavorable outcomes from a certain event [1].
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