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Operations And Supply Chain Strategy Essay

2577 words - 11 pages

(MLOM 700, Operations and Supply Chain Strategy)

Individual Assignment

Table of Contents
Introduction 2
Review of Literature 2
Risk in General. 3
Supply Chain Risk Management (SCRM)................................................................................4
Various Theories/Models in Supply Chain Risk Management..................................................5
Summary and Conclusions: 11
Referances 12

Introduction
Supply Chain Risk Management (SCRM) denotes the identification of likely sources of risk as well as the implementation of suitable strategies through a synchronized approach among supply chain parties, to condense supply chain susceptibility to potential risks. SCRM has of late gathered increasing attention in the context of supply chain and its management . Currently, global competition is increasingly intensifying and the supply chains are becoming more complex and stretched. As a result, the likelihood of not accomplishing the desired performance of supply chain increases due to risks of supply chain failures. In fact, effectual practices and tools for SCRM requires critical support by properly organizing the entire SCRM process. This requires a holkistic identification of the scope of the process to be considered and the capabilities of the process under thought. It is very critical for companies to plan for disruptions as well as develop contingency plans while designing and redesigning their supply chains. Companies require understanding the interdependencies of their supply chain; identify the potential risk factors as well as their likelihood, severities and consequences. The risk management action plan can be developed in order to avoid the identified risks or mitigate, control and contain them in case they occur. In this research i will explain in detail about Various Theories or Models in Supply Chain Risk Management.
Review of Literature
According to Khan, Martin and Bernard (412), the study of risk and the practice of risk management are evident in various organizations. Risk is an ubiquitous aspect of organisational existence, whether it concerns investment resolutions, employing and developing staff, launching a new product/services, and/or supply chains management. What is important is the proper management of such risks in a well-developed and comprehensible manner. In the recent years, supply chainmanagement, numerous researchers and practitioners have addressed risk in connection to supply chain management. The risks faced by supply chain can be viewed from the internal and external risk dimensions. The internal risks include the research and development, production planning, organizational structure and information (Kern 60). On the other hand, the external risks include supply risks, delivery risks, and policy risks. In the context of SCRM, external and internal risks should be identified in order to avoid the disastrous impacts disruptions they could have on the supply chain.
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