Evaluation of control strategies for managing supply chain risks using Bayesian belief networks
Qazi, Abroon and Quigley, John and Dickson, Alex and Gaudenzi, Barbara and Önsel Ekici, Sule; (2015) Evaluation of control strategies for managing supply chain risks using Bayesian belief networks. In: Proceedings of 2015 International Conference on Industrial Engineering and Systems Management (IESM). IEEE, ESP, pp. 1146-1154. ISBN 9782960053265 (https://doi.org/10.1109/IESM.2015.7380298)
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Abstract
Supply chains have become complex and vulnerable and therefore, researchers are developing effective techniques in order to capture the complex structure of the supply network and interdependency between supply chain risks. Researchers have recently started using Bayesian Belief Networks for modelling supply chain risks. However, these models are still focused on limited domains of supply chain risk management like supplier selection, supplier performance evaluation and ranking. We have developed a comprehensive risk management process using Bayesian networks that captures all three stages of risk management including risk identification, risk assessment and risk evaluation. Our proposed new risk measures and evaluation scheme of different combinations of control strategies are considered as an important contribution to the literature. We have modelled supply network as a Bayesian Belief Network incorporating the supply network configuration, probabilistic interdependency between risks, resulting losses, risk mitigation control strategies and associated costs. An illustrative example is presented and three different models are solved corresponding to different risk attitudes of the decision maker. Based on our results, it is not always viable to implement control strategy at the most important risk factor because of the consideration of mitigation cost, relative loss and probabilistic interdependency between connected risk factors.
ORCID iDs
Qazi, Abroon ORCID: https://orcid.org/0000-0003-4609-8712, Quigley, John ORCID: https://orcid.org/0000-0002-7253-8470, Dickson, Alex ORCID: https://orcid.org/0000-0001-9386-9036, Gaudenzi, Barbara and Önsel Ekici, Sule;-
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Item type: Book Section ID code: 57009 Dates: DateEvent23 October 2015Published9 July 2015AcceptedNotes: © 2015 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works. Subjects: Technology > Electrical engineering. Electronics Nuclear engineering Department: Strathclyde Business School > Management Science
Strathclyde Business School > Business Faculty Services
Strathclyde Business School > EconomicsDepositing user: Pure Administrator Date deposited: 20 Jul 2016 15:48 Last modified: 02 Oct 2024 00:12 Related URLs: URI: https://strathprints.strath.ac.uk/id/eprint/57009