Risk Evaluation and Management involved in a supply chain

Abstract

The risk evaluation and management process involved in a supply chain. The paper identifies the major risks faced by supply chains, evaluates the “likelihood and impact of these risks, analyzes the risk mitigation strategies employed by supply chains, and assesses the effectiveness of these strategies. The research findings highlight the importance of effective risk evaluation and management in supply chains, with businesses relying on a complex network of suppliers, manufacturers, distributors, and retailers to deliver products and services to customers. Supply chain disruptions can have significant financial and reputational consequences for businesses, including lost revenue, reduced profitability, and damage to brand reputation. The paper provides insights into effective risk management strategies that can help to improve the resilience and efficiency of supply chains, including diversification of suppliers, safety stock, contingency planning, collaboration and communication, insurance, and technology and automation”. The findings of this study have significant implications for supply chain managers, providing guidance on effective risk management strategies that can help businesses to build resilience and adaptability in the face of unexpected disruptions.