PolyU IR
 

PolyU Institutional Repository >
Industrial and Systems Engineering >
ISE Journal/Magazine Articles >

Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/5143

Title: Modelling and risk management in the offshore and marine industry supply chain
Authors: Liew, K. C.
Lee, Ka-man
Subjects: Risk management
Simulation
Risk mitigation
Marine and offshore industry
Issue Date: 2012
Publisher: InTech
Citation: International journal of engineering business management, 2012, v. 4, no. 1, p. 1-7.
Abstract: Supply chain risk management is primarily a process that involves the identification, assessment and mitigation of risks that arise in a particular supply chain system. Pertaining to that, the offshore and marine industry is one of the many industries that have seldom received much consideration when it comes to management of the supply chain system. The rig building facet of the offshore and marine industry was thus chosen as the main focus of the project to manage the risks that arise in a particular oil rig building project. A risk mitigation plan framework was proposed to act as a guideline to identify as much risk as possible, eliminate trivial ones, and subsequently, prioritizing the remaining ones. The final step involves the formulation of a mathematical model based on the selected risk. In this case, the risk of raw material price fluctuation is studied. The demonstration of the Monte Carlo simulation using the Risk Solver program was also done to quantify the risks. Two case scenarios were then developed along with the implementation of risk management techniques in order to observe the effectiveness of the risk management of the overall rig building supply chain.
Description: DOI: 10.5772/45738
Rights: © 2012 Liew and Lee; licensee InTech. This is an open access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/3.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Type: Journal/Magazine Article
URI: http://hdl.handle.net/10397/5143
ISSN: 1847-9790
Appears in Collections:ISE Journal/Magazine Articles

Files in This Item:

File Description SizeFormat
Liew_InTech- Modelling_Risk_Management.pdf497.77 kBAdobe PDFView/Open



Facebook Facebook del.icio.us del.icio.us LinkedIn LinkedIn


All items in the PolyU Institutional Repository are protected by copyright, with all rights reserved, unless otherwise indicated.
No item in the PolyU IR may be reproduced for commercial or resale purposes.

 

© Pao Yue-kong Library, The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong
Powered by DSpace (Version 1.5.2)  © MIT and HP
Feedback | Privacy Policy Statement | Copyright & Restrictions - Feedback