Cost effectiveness and manageability based prioritisation of supply chain risk mitigation strategies

Abroon Jamal Qazi, John Quigley, Alex Dickson

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Risk treatment is an important stage of the risk management process involving selection of appropriate strategies for mitigating critical risks. Limited studies have considered evaluating such strategies within a setting of interdependent supply chain risks and risk mitigation strategies. However, the selection of strategies has not been explored from the perspective of manageability- the ease of implementing and managing a strategy. We introduce a new method of prioritising strategies on the basis of associated cost, effectiveness and manageability within a theoretically grounded framework of Bayesian Belief Networks and demonstrate its application through a simulation study. The proposed approach can help managers select an optimal combination of strategies taking into account the effort involved in implementing and managing such strategies. The results clearly reveal importance of considering manageability in addition to the cost effectiveness within a decision problem of ranking supply chain risk mitigation strategies.
LanguageEnglish
Title of host publicationSupply Chain Risk Management
Subtitle of host publicationAdvanced Tools, Models, and Developments
PublisherSpringer
StateAccepted/In press - 11 Jul 2016

Fingerprint

Cost-effectiveness
Prioritization
Risk mitigation
Supply chain risk
Managers
Simulation study
Management process
Risk management
Ranking
Bayesian belief networks

Keywords

  • risk treatment
  • risk management
  • risk mitigation strategies
  • Bayesian Belief Networks
  • supply chain risks

Cite this

Qazi, A. J., Quigley, J., & Dickson, A. (Accepted/In press). Cost effectiveness and manageability based prioritisation of supply chain risk mitigation strategies. In Supply Chain Risk Management: Advanced Tools, Models, and Developments Springer.
Qazi, Abroon Jamal ; Quigley, John ; Dickson, Alex. / Cost effectiveness and manageability based prioritisation of supply chain risk mitigation strategies. Supply Chain Risk Management: Advanced Tools, Models, and Developments. Springer, 2016.
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Qazi, AJ, Quigley, J & Dickson, A 2016, Cost effectiveness and manageability based prioritisation of supply chain risk mitigation strategies. in Supply Chain Risk Management: Advanced Tools, Models, and Developments. Springer.

Cost effectiveness and manageability based prioritisation of supply chain risk mitigation strategies. / Qazi, Abroon Jamal; Quigley, John; Dickson, Alex.

Supply Chain Risk Management: Advanced Tools, Models, and Developments. Springer, 2016.

Research output: Chapter in Book/Report/Conference proceedingChapter

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Qazi AJ, Quigley J, Dickson A. Cost effectiveness and manageability based prioritisation of supply chain risk mitigation strategies. In Supply Chain Risk Management: Advanced Tools, Models, and Developments. Springer. 2016.