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Operations Article | Managing the Global Supply Chain

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Managing the Global Supply Chain: A Risk Measurement Perspective

- by Krishnakanth K. K. & Pankaj Ghai *

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Page - 24

1. Bayesian Networks
Bayesian networks are based on the Baye's theorem

The theorem gives a methodology to combine subjective beliefs and the evidence available. Bayesian networks in recent years have evolved as a powerful tool to handle uncertainty. Bayesian networks are used in a variety of applications requiring high reliability and have the capability of forward and backward inferencing.

2. Fuzzy Logic

3. Hybrid Fuzzy- Bayesian Networks

Scope for Further Analysis

Further analysis is possible in the following broad areas: -

  • Use of the other type of metrics like EVA, ABC in risk measurement and mitigation

  • Mathematical analysis to identify and allocate probabilities and costs to different risk drivers

  • Analysis of vast amounts of data available in ERP systems around the world to better quantify risk

  • Implementation issues related to different organizations across the supply chain

  • IT systems to be put in place for implementation of wider systems

    Concluded.


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    * Contributed by -
    Krishnakanth K. K. & Pankaj Ghai,
    PGP Students.
    IIM Lucknow.


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