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Title: Modelling and risk management in the offshore and marine industry supply chain
Authors: Liew, K. C.
Lee, Ka-man
Subjects: Risk management
Risk mitigation
Marine and offshore industry
Issue Date: 2012
Publisher: InTech
Source: 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.
Rights: © 2012 Liew and Lee; licensee InTech. This is an open access article distributed under the terms of the Creative Commons Attribution License (, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Type: Journal/Magazine Article
DOI: 10.5772/45738
ISSN: 1847-9790
Appears in Collections:ISE Journal/Magazine Articles

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