RISK MANAGEMENT MATHEMATICAL MODELLING IN THE SHIPPING INDUSTRY

Authors

  • Pradeep Kumar Mishra, Dr. NityanginiJhala Author

Abstract

Supplychainriskmanagementisprimarilyaprocessthatinvolvestheidentification,assessment, and mitigationofrisksthatarise inaparticularsupply chain system.,theoffshoreandmarine industry is one of the many industries that have seldom receivedmuchconsiderationwhenitcomesto the managementofthesupplychainsystem.Therig-buildingfacet of the offshore and marine industry was thus chosen asthemainfocusoftheprojecttomanagetherisksthatariseinaparticularoilrig-buildingproject.Ariskmitigationplanframeworkwasproposedtoactasa guidelinetoidentify asmuch riskas possible,eliminatetrivialones,andsubsequently,prioritize theremainingones.Thefinalstepinvolvestheformulationofa mathematicalmodelbasedontheselectedrisk.Inthis case, the risk of rawmaterial price fluctuation is studied. ThedemonstrationoftheMonteCarlosimulationusing theRiskSolverprogramwasalsodonetoquantifytherisks.Twocasescenarioswerethendeveloped along with theimplementationofrisk managementtechniquesto observe theeffectivenessoftheriskmanagementoftheoverall rig-building supplychain.

 

 

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Published

2024-03-22

How to Cite

RISK MANAGEMENT MATHEMATICAL MODELLING IN THE SHIPPING INDUSTRY. (2024). International Development Planning Review, 23(1), 1826-1836. https://idpr.org.uk/index.php/idpr/article/view/278