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A comparative study of multi criteria decision making approaches for risks assessment in supply chain

Author

Listed:
  • Mahesh Chand
  • Tilak Raj
  • Ravi Shankar

Abstract

Risk is inherent in almost every movement of supply chain partners. With the ever-increasing push for efficiency, supply chains today are getting more and more risky. Companies need to be vigilant with the increasing risks that can harm the short-term operations as well as the long-term sustainability of their supply chain. Academic interests appear to focus mostly on the risks associated with operation of supply chain. This paper highlights four areas of supply chain-related risks, i.e., transportation risks, operations risks, supplier related risks and market related risks. The purpose of this paper is to provide a framework to proactively manage supply chain risks. This study is an effort for risks assessment in supply chain and to find out the best alternatives. For this purpose, comparative study of multi criteria decision making approaches, analytical network process (ANP) and a multi-objective optimisation by ratio analysis (MOORA) technique for order preference are used. It also addresses the insinuations for supply chain managers as they balance a concern for risks with their efforts to search for, select, develop, and manage their set of supply chain partners.

Suggested Citation

  • Mahesh Chand & Tilak Raj & Ravi Shankar, 2015. "A comparative study of multi criteria decision making approaches for risks assessment in supply chain," International Journal of Business Information Systems, Inderscience Enterprises Ltd, vol. 18(1), pages 67-84.
    • Handle: RePEc:ids:ijbisy:v:18:y:2015:i:1:p:67-84
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    Citations

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    Cited by:

    1. Govindan, Kannan & Chaudhuri, Atanu, 2016. "Interrelationships of risks faced by third party logistics service providers: A DEMATEL based approach," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 90(C), pages 177-195.
    2. Bhupender Singh & Sandeep Grover & Vikram Singh, 2016. "Integrated MCDM for Benchmarking Techniques in Indian Service Industries," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 13(06), pages 1-18, December.
    3. Bhupender Singh & Sandeep Grover & Vikram Singh, 2017. "A benchmarking model for Indian service industries using MICMAC and WISM approach," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 8(2), pages 1266-1281, November.

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