Models for supplier selection and risk mitigation: a holistic approach Article Swipe

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Jiho Yoon , Srinivas Talluri , Hakan Yildiz , William Ho ·

YOU? · · 2017 · Open Access · · DOI: https://doi.org/10.1080/00207543.2017.1403056

According to a study conducted by PwC and the Business Continuity Institute in 2013, 75% of companies experience at least one major supply chain disruption a year and majority of the disruptions were caused by supply-related problems. With an increasing emphasis on upstream risk, risk management in supplier selection has become a critical issue faced by companies. Although previous studies proposed different methods and tools for effective and efficient supplier selection, only few approaches have attempted to incorporate risk mitigation strategies in supplier selection decisions. Our study aims to fill this gap by considering a wide range of quantitative and qualitative risk factors in supplier selection and evaluates the efficacy of alternative risk mitigation strategies in this context. Moreover, we suggest that both upstream and downstream strategies should be utilised simultaneously rather than relying on a single type of strategy. We further suggest that it is critical to align upstream and downstream risk mitigation strategies to reduce risk. We employ multi-objective optimization-based simulation in developing a decision model and consider data from an automotive parts manufacturer to demonstrate the application of our approach.

Related Topics

Supply Chain Management

Computer Science

Engineering

Marketing

Artificial Intelligence

Finance

Biology

Aerospace Engineering

Paleontology

Concepts

Upstream (networking) Selection (genetic algorithm) Supply chain Downstream (manufacturing) Risk analysis (engineering) Supplier relationship management Context (archaeology) Automotive industry Risk management Supply chain risk management Business Supply chain management Computer science Engineering Marketing Artificial intelligence Computer network Finance Biology Aerospace engineering Paleontology Service management

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Type: article
Language: en
Landing Page: https://doi.org/10.1080/00207543.2017.1403056
OA Status: green
Cited By: 158
References: 78
Related Works: 10
OpenAlex ID: https://openalex.org/W2769662465

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OpenAlex ID: https://openalex.org/W2769662465

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DOI: https://doi.org/10.1080/00207543.2017.1403056

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Title: Models for supplier selection and risk mitigation: a holistic approach

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Type: article

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Language: en

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Publication year: 2017

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Publication date: 2017-11-24

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Authors: Jiho Yoon, Srinivas Talluri, Hakan Yildiz, William Ho

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Landing page: https://doi.org/10.1080/00207543.2017.1403056

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Open access: Yes

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OA status: green

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OA URL: https://hdl.handle.net/11343/192649

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Concepts: Upstream (networking), Selection (genetic algorithm), Supply chain, Downstream (manufacturing), Risk analysis (engineering), Supplier relationship management, Context (archaeology), Automotive industry, Risk management, Supply chain risk management, Business, Supply chain management, Computer science, Engineering, Marketing, Artificial intelligence, Computer network, Finance, Biology, Aerospace engineering, Paleontology, Service management

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Cited by: 158

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Citations by year (recent): 2025: 15, 2024: 14, 2023: 20, 2022: 22, 2021: 32

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References (count): 78

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Related works (count): 10

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