Mitigating Risk in Supply Chain Using Risk Assessments

Open Access
Patel, Arti Harshad
Area of Honors:
Industrial Engineering
Bachelor of Science
Document Type:
Thesis Supervisors:
  • Scarlett Rae Miller, Thesis Supervisor
  • Catherine Mary Harmonosky, Honors Advisor
  • risk assessment
  • supply chain
  • supply chain risk management
  • framework
Supply chains are growing to be more globally intricate with more parts where there is risk. In this context, risk is defined as an undesirable event that possibly results in damage or danger to the employees, customers, and/or products. As a result, risk related events are influential in supply chain management and affect the flow of product from suppliers to the end users. In order to control and reduce risk within a supply chain, supply chain risk management (SCRM) methods have been developed to identify, track, and lessen risk. However, with all of these risk management methods, there is no tool to guide the selection and application of scenario appropriate tools. Therefore, in this thesis, supply chains and the associated risks are explored along with existing risk analysis tools. From there, the Tool Centered Risk Analysis (TCRA) framework was developed to be used by companies to identify what they would like from their risk analysis tools, how to pick the best tool for the scenario, how to collect the data and apply it to the tool, and what to analyze from the results in order to gain the most from the tool. In order to validate the TCRA framework, it was applied to an operating company within Johnson & Johnson. The company noted efficient use of time along with improvements in results with broader analysis and more developed mitigation plans to reduce risk at its manufacturers. The results from this thesis contribute the TCRA framework to select and apply the most appropriate tool(s) in order to analyze risk within a supply chain which has been validated for effectiveness.