Assignment Sample on SG7009 Applied Supply Chain and Logistics Project
1. Introduction
Supply chain risk management is defined as a process or business strategy through which the entrepreneurs have identified the risks associated with the supply chain as well as access and mitigate in order to create a profitable business. In this proposal, supply chain risk management will be briefly described with the help of secondary research.
2. Importance of the research
The importance of supply chain risk management is that it allows the organization to address and mitigate the risks through which supply chain-related issues such as manufacturing, logistic and quality issues may be mitigated easily. In fact, the role of this management has been proved effective as this management has resolved disruption impact on robustness and supply chain resilience during Covid-19 (El and Ruel, 2021).
3. Research gap
In recent times, the supply chain has faced several issues similar to slowed digital transformation, lack of actionable data as well as increased operational costs which impact negatively on organizational productivity, therefore, the company needs to focus on the supply chain with the help of supply chain risk management. This research related to supply chain risk management is essential through which the readers effectively know the process to mitigate risks associated with the supply chain in order to achieve organizational success. Profit margins of the organization are under pressure due to high operational costs regarding logistics for supplying the raw material from suppliers and delivering the products for generating sales and revenues.
4. Research aim
The aim of the research is to provide a clear vision regarding supply chain-related issues and their impact on organizational achievement as well as the necessity of a strategic way to resolve these problems in near future.
5. Research objectives
The objectives of supply chain risk management may be stated below: –
- To adopt strategies for managing exceptional risks along the supply chain
- To improve communication for interacting with the risk management team about arising risks
- To enhance awareness with the help of effective decision-making processes within stakeholders and investors
6. Literature review
Supply chain risk management plays a significant role in the organization by addressing the potential risks as proper supply chain risk management enables businesses to take opportunities of tried-and-true strategies in order to mitigate the risks. In addition to that, supply chain related external risks may involve demand risks, business risks and environmental risks which may create obstacles for long-run business. Additionally, the company has promoted the Enterprise Risk Management (ERM) program through which the company has begun to identify the anticipated risks occurring both downstream and upstream in the supply chain (Trowbridge, 2017). Apart from this, supply chain related risks also define internal supply chain risks which also include manufacturing risks, planning and control risks as well as quality-related issues which all are addressed by this management process. There are several risk management models followed by different companies such as the PPRR risk management model which stands for prevention, preparedness, response and recovery risk management model, more specifically, the company takes precautionary measures to address the risks by implementing a contingency plan in an emergency situation.
Digital technologies and the Internet of things (IoT) play a crucial role to optimise supply chain operations, on the other hand, it may be argued that there are possibilities of cybersecurity threats similar to hacking, phishing and malware. Therefore, the company needs to improve cyber supply chain risk management through which the company or the business are efficient to resolve these risks for providing better results. Along with that, the business management may conduct internal risk awareness training for the internal stakeholders for building a risk-aware culture through which the management has tried to resolve the issues significantly. The company has incorporated an Internet of Things (IoT) based risk monitoring system (IoTRMS) through which the company has controlled occupational safety and product quality risks in the supply chain (Tsang et al., 2018). Risk management in the supply chain in today’s business environment has become one of the biggest contributors to avoiding the risks for producing a significant result, more specifically, managing the supply chain in a competitive market is highly necessary and challenging. The company needs to know about the category of risks so that the company needs to develop its risk management strategies through which potential risks have been addressed in proper time.
7. Context of the research and justification
The context of the research related to supply chain risk management is to understand the impact of this management during arising the risks associated with the supply chain as well as this management process has described the readers about its effectiveness in recent days. Moreover, it may be stated that this management may help the entrepreneurs to sustain the business by implementing several strategies. The entrepreneurs have utilised Failure Modes and Effects Analysis (FMEA) through which the company may take actions to overcome reliability problems and unwanted events by determining their impact on organizational production (Econstor.eu. 202).
8. Research methodology
Research philosophy
Research philosophy refers to a set of principles consisting of positivism and interpretivism in which research positivism is applied to conduct this research. Additionally, research positivism has been aligned with the hypothetico-deductive model based on previous hypotheses through which the research has provided positive results (Park et al., 2020).
Research approach
The research approach is one of the important parts of the research methodologies which may include deductive and inductive approaches, more specifically, in this research, the deductive approach is applied. The deductive approach is based on a hypothesis derived from the literature review in the context of significant results, therefore, in this research inductive approach is not suitable as inductive approach starts with the observation by creating new theory. The deductive approach has provided a comprehensive approach through which the non-numerical data has been analysed to complete the research (Azungah, 2018).
Research study
In this research, the mono method is applied which means the research related to the impact of supply chain risk management is based on secondary research in order to receive a positive result of this research. There is no need for a qualitative or quantitative method as this research is secondary research as well as not primary research.
Research strategy
In order to execute the research, research strategy is one of the important parts through which the participants effectively will collect the data, in the case of this research, a research strategy such as a case study has been selected to collect the data. The case study is to be considered as effective to collect and analyse the data as well as case study research process is a scientifically real-life phenomenon (Ridder, 2017).
Data collection
Data will be collected secondarily with the help of journals and articles through which the researchers have gathered adequate information on which research success may depend. Apart from this, previous research papers will be also helpful to collect the information related to the effectiveness of supply chain risk management through which the research will provide positive results. Additionally, the researchers will gain more interest by generating knowledge via valid, reliable and cost-effective research as secondary research is based on journal review (Sherif, 2018).
Sampling
Sampling refers to the selection of participants who will participate in the research to produce significant results, in this research, research participants are the researchers who will collect the data by reviewing articles and journals.
Limitations
Limitations of the research may include lack of time and small sampling or else, a large sample size with proper time will produce effective results. However, effective time management has provided greater research performances through which participants will find a balance between research and their personal life (Adams and Blair, 2019).
Data analysis
After the data collection process, data analysis will be done through thematic analysis which is effective in the secondary data collection process to provide significant results. Furthermore,
The thematic analysis basically creates a theme and reviews the themes regarding the particular subject through which the researchers have received significant outcomes by analysing the data properly (Scharp and Sanders, 2019).
9. Timeline
| Research actions | Week 1 | Week 2 | Week 3 | Week 4 | Week 5 |
| Aim and objectives | |||||
| Literature review | |||||
| Sampling | |||||
| Data collection | |||||
| Data analysis |
Table 1: Time Frame
(Source: Self-created)
10. Conclusion
From the above discussion, it may be concluded that the supply chain risk management process is highly recommended and implemented by entrepreneurs to achieve organizational success. Furthermore, by addressing the internal and external potential risks, the company easily understands the adoption process which has provided effective results.
11. References
Azungah, T., 2018. Qualitative research: deductive and inductive approaches to data analysis. Qualitative Research Journal.
Econstor.eu. 2021. [online] Available at: <https://www.econstor.eu/bitstream/10419/50724/1/657409723.pdf> [Accessed 9 July 2021].
El Baz, J. and Ruel, S., 2021. Can supply chain risk management practices mitigate the disruption impacts on supply chains’ resilience and robustness? Evidence from an empirical survey in a COVID-19 outbreak era. International Journal of Production Economics, 233, p.107972.
Park, Y.S., Konge, L. and Artino, A.R., 2020. The positivism paradigm of research. Academic Medicine, 95(5), pp.690-694.
Ridder, H.G., 2017. The theory contribution of case study research designs. Business Research, 10(2), pp.281-305.
Scharp, K.M. and Sanders, M.L., 2019. What is a theme? Teaching thematic analysis in qualitative communication research methods. Communication Teacher, 33(2), pp.117-121.
Sherif, V., 2018, March. Evaluating preexisting qualitative research data for secondary analysis. In Forum qualitative sozialforschung/forum: Qualitative social research (Vol. 19, No. 2).
Trowbridge, M., 2017. Five techniques to manage supply chain risk. Supply Chain Management Review, November, 21(6), pp.36-41.
Tsang, Y.P., Choy, K.L., Wu, C.H., Ho, G.T., Lam, C.H. and Koo, P.S., 2018. An Internet of Things (IoT)-based risk monitoring system for managing cold supply chain risks. Industrial Management & Data Systems.
Know more about UniqueSubmission’s other writing services:
