Abstract
The supply chain risk management (SCRM) is very critical to strategically support the firms to continuous success. There are, at least, three basic steps in this SCRM process: risk identification, risk evaluation, and risk mitigation (treatment). Whatever happens, the main step is risk mitigation (RM) and mainly sustainable RM. In fact, every risk must be eliminated or controlled as much as possible. The purpose of this paper is to elaborate and evaluate various RM scenarios from an initial risk identification and prioritization solution. The proposed scenario modeling technique is based on morphological analysis (MA) as an explorative scenario tool for RM. MA is used to develop a framework to proactively assess critical risk variables. Firstly, MA is employed to exhaustively create possible RM scenarios and, secondly, to assess the likelihood of each scenario. The proposed approach addresses the need for a basic rubric to help identify and choose RM approaches. A real case study is provided from the food industry to illustrate the application of the proposed approach. To handle all possible MA strategies, a dedicated MORPHOL software package is used. In addition, RM strategies are selected based on sustainability indicators. The case study results prove that MA has a considerable value for SCRM. It shows that firms can adopt multiple robust strategies in the form of a scenario describing all stages of SCRM in an integrated representation.
Highlights
The risks associated with supply chain management (SCM) have created a discourse among practitioners and academics [1,2]
Research has proposed several separate risk mitigation (RM) strategies based on the types of risk in supply chain risk management (SCRM), but few strategies for the entire SCRM process of an integrated network
This paper presents the application of morphological analysis (MA) in SCRM
Summary
The risks associated with supply chain management (SCM) have created a discourse among practitioners and academics [1,2]. The main research question issue in SCM is still about how to mitigate supply chain risks [3]. Research has proposed several separate RM strategies based on the types of risk in supply chain risk management (SCRM), but few strategies for the entire SCRM process of an integrated network. This can be explained by the large number of both risk variables and their associated reduction strategies. Having a robust supply chain strategy could make a company more resilient
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.