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A Flexible Approach to Mitigation of Supply Risk Through Scenario Modelling

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Flexibility in Resource Management

Part of the book series: Flexible Systems Management ((FLEXSYS))

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Abstract

Supply risk is a common problem on the shop floor. Many a times, it is mitigated by rigorous follow up with vendors, deputation of representative at suppliers’ locations, rewarding or penalizing suppliers as a knee jerk reaction like holding the payments, scouting new vendors at the last moment or broad-brushed approaches like maintaining inventory, multiple sourcing, etc. Intuitive scenario modelling as a flexible proactive approach is proposed which encourages the people in the organization to think about the worst possibilities in future, and be ready with mitigation plan options and thus be more productive. It is illustrated with an example of a pharmaceutical company having manufacturing plant in India.

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Authors and Affiliations

  1. Symbiosis School of Banking and Finance, Symbiosis International University, Gram Lavale, Pune, 412115, India

    Manisha Ketkar

  2. Indian Institute of Management (IIM) Lucknow, Prabandh Nagar, Off Sitapur Road, Lucknow, 226013, India

    Omkarprasad S. Vaidya

Authors
  1. Manisha Ketkar
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  2. Omkarprasad S. Vaidya
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Correspondence to Manisha Ketkar .

Editor information

Editors and Affiliations

  1. Department of Management Studies, Indian Institute of Technology (IIT) Delhi, New Delhi, India

    Sushil

  2. Symbiosis International University, Symbiosis Institute of Technology, Pune, India

    T. P. Singh

  3. Department of Mechanical Engineering, Symbiosis Institute of Technology, Pune, India

    Anand J. Kulkarni

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Ketkar, M., Vaidya, O.S. (2018). A Flexible Approach to Mitigation of Supply Risk Through Scenario Modelling. In: Sushil, Singh, T., Kulkarni, A. (eds) Flexibility in Resource Management. Flexible Systems Management. Springer, Singapore. https://doi.org/10.1007/978-981-10-4888-3_13

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