Define supply chain risk, resilience and how risk can be managed?
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Discussion 2- MGt311
Define supply chain risk, resilience, and how risk can be managed?
Risk is defined as 'the likelihood of an undesirable occurrence.' Risk management
provides a systematic and objective strategy for controlling risk choices and activities. Risk
management and reduction are now part of every procurement and supply professional's daily
routine. It covers both possible new acquisitions and continuing contracts. Today's
environment requires operations risk management approaches beyond discrete shock sources
or supply-chain design aspects like geographic footprint (Alicke, Barriball, Lund & Swan,
2020). Aware organizations will evaluate the magnitude and effect of different shock
scenarios to decide the best course of action to repair supply networks and reduce future risks.
Unanticipated events can occur in the supply chain, which will take advantage of these
Risk considerations include industry-speci...