What is Supply Chain Risk Management? A Review
The prime objective of Supply chain risk management (SCRM) is to reduce the chances of any uncertain situation and feat an appropriate set of solution to manage the situation efficiently and effectively. SCRM is full of challenges that can result in higher cost, wasted materials and
production error. It has become even more complex and vulnerable than in past. Due to absence of commonly recognized definition of SCRM and very scared literature, it is very difficult to clearly understand it. This study has worked on two objectives. First, this study has tried to understand
the nature of SCRM by elaborating relevant literature with a novel methodology and to verdict its accurate explanation. Second, compile the diverse and scattered literature so for potential researchers it will be easy to approach it. A comprehensive review shows that study on SCRM is still
not only very limited but also much dispersed. This article will elaborate a general literature review on evaluation of definitions of supply chain, risk management and supply chain risk management. This article applies content analysis approach, bibliographic analysis and analyzing top cited
journal and researches in SCRM that is a unique and novel methodology. The finding of this study reveals that, majority of the researchers are agreed, risk is variation in outcome or performances that are not predictable, whereas supply chain is a network of organizations that add value in
every stage of product or services till its destination toward users. Supply chain risk is probabilistic and unwanted situation whereas supply chain risk management is to manage probabilistic and undesirable situation by evaluating risk sources, analyzing likelihood and present a strategy
to avoid, mitigate or minimize the effect of risk sources.
Keywords: Risk Management; Supply Chain; Supply Chain Risk Management
Document Type: Research Article
Affiliations: Faculty of Technology Management and Business, University Tun Hussein Onn Malaysia, 86400 Batu Pahat, Johor, Malaysia
Publication date: 01 September 2017
- ADVANCED SCIENCE LETTERS is an international peer-reviewed journal with a very wide-ranging coverage, consolidates research activities in all areas of (1) Physical Sciences, (2) Biological Sciences, (3) Mathematical Sciences, (4) Engineering, (5) Computer and Information Sciences, and (6) Geosciences to publish original short communications, full research papers and timely brief (mini) reviews with authors photo and biography encompassing the basic and applied research and current developments in educational aspects of these scientific areas.
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