The application of the risk management process in capital investment decisions for EHV transmission line projects

Burchett, J.F.; Tummala, V.M. Rao

doi:10.1080/014461998372510

Cited by 4 publications

(3 citation statements)

References 3 publications

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“…This RMP framework has been successfully applied to identify potential risk factors and to assess their likelihood of occurrence. In addition, the seriousness of associated consequences can be identified, and appropriate risk mitigating strategies can be developed (Burchett and Tummala, 1998). While the RMP has proven to be useful when applied to such individual project decisions, for example the risk involved in an extra high voltage transmission line project (Tummala and Burchett, 1999), it has yet to be applied to the much broader context of the supply chain.…”

Section: Supply Chain Risk Managementmentioning

confidence: 99%

Assessing and managing risks using the Supply Chain Risk Management Process (SCRMP)

Tummala

Schoenherr

2011

Supply Chain Management: An International Journal

511

399

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PurposeThe purpose of this paper is to propose a comprehensive and coherent approach for managing risks in supply chains.Design/methodology/approachBuilding on Tummala et al.'s Risk Management Process (RMP), this paper develops a structured and ready‐to‐use approach for managers to assess and manage risks in supply chains.FindingsSupply chain risks can be managed more effectively when applying the Supply Chain Risk Management Process (SCRMP). The structured approach can be divided into the phases of risk identification, risk measurement and risk assessment; risk evaluation, and risk mitigation and contingency plans; and risk control and monitoring via data management systems. Specific techniques for conducting this process are suggested.Originality/valueWhile supply chain risk management is an emerging and important topic in our dynamic and interconnected world, conceptual frameworks providing a clear meaning and normative guidance are scarce (Manuj and Mentzer, 2008). This paper presents such a framework, offering structure and decision support for managers.

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Section: Supply Chain Risk Managementmentioning

confidence: 99%

Assessing and managing risks using the Supply Chain Risk Management Process (SCRMP)

Tummala

Schoenherr

2011

Supply Chain Management: An International Journal

511

399

View full text Add to dashboard Cite

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“…NPV / IRR Valuation of an ongoing business or some part of one Barriex et al, 10 Mosca et al, 99 ADB, 6 Burchett and Tummala, 21 Luehrman, 87 Thomas. 157 1) Assets-in-place…”

Section: Investment Analysismentioning

confidence: 99%

Risk Analysis Strategies in the Water Utility Sector: An Inventory of Applications for Better and More Credible Decision Making

MacGillivray

Hamilton

Strutt

et al. 2006

Critical Reviews in Environmental Science and Technology

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Financial pressures, regulatory reform and sectoral restructuring are requiring water utilities to move from technically inclined, risk-averse management approaches toward more commercial, business-oriented practices. Risk analysis strategies and techniques traditionally applied to public health protection are now seeing broader application for asset management, assessing competition risks and potential threats to the security of supplies. Water utility managers have to consider these risks alongside one another and employ a range of techniques and devise business plans that prioritise resources on the basis of risk. We present a comprehensive review of risk analysis and management strategies for application in the water utility sector at the strategic, programme, and operational levels of decision making.

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“…A framework named the Risk Management Process (RMP) was developed by Tummala et al (1994), which included five phases: “risk identification, risk measurement, risk assessment, risk evaluation and risk control and monitoring.” This framework has been very successful in identifying the seriousness of relevant consequences and in developing proper risk mitigating strategies (Burchett and Tummala, 1998). To identify, evaluate and cope with supply chain risks, Finch (2004), Manuj and Mentzer (2008) and Tummala and Schoenherr (2011) have conducted research, proposing a modified RMP, which can be regarded as the “Supply Chain Risk Management Process”—an instrument which provides supply chain managers with helpful information by considering various supply chain risks in different situations.…”

Section: Supply Chain Risk Management (Scrm)mentioning

confidence: 99%

A fuzzy-based House of Risk assessment method for manufacturers in global supply chains

Wong

2018

IMDS

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Purpose Risk management is crucial for all organizations, especially those in the global supply chain network. Failure may result in huge economic loses and damage to company reputation. Risk assessment usually involves quantitative and qualitative decisions. The purpose of this paper is to apply fuzzy logic to capture and inference qualitative decisions made in the House of Risk (HOR) assessment method. Design/methodology/approach In the existing HOR model, aggregate risk potential (ARP) is calculated by the risk event times the risk agent value and its occurrence. However, these values are usually obtained from interviews, which may involve subjective decisions. To overcome this shortcoming, a fuzzy-based approach is proposed to calculate ARP instead of the current deterministic approach. Findings Risk analyses are conducted in five major categories of risk sources: internal, global environment, supplier, customer and third-party logistics provider. Moreover, each category is further divided into different sub-categories. The results indicate that the fuzzy-based HOR successfully inferences the inputs of the risk event, risk agents and its occurrence, and can prioritize the risk agents in order to take proactive decisions. Practical implications The proposed fuzzy-based HOR model can be used practically by manufacturers in the global supply chain. It provides a framework for decision makers to systematically analyze the potential risks in different categories. Originality/value The proposed fuzzy-based HOR approach improves the traditional approach by more precise modeling of the qualitative decision-making process. It contributes to a more accurate reflection of the real situation that manufacturers are facing.

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The application of the risk management process in capital investment decisions for EHV transmission line projects

Cited by 4 publications

References 3 publications

Assessing and managing risks using the Supply Chain Risk Management Process (SCRMP)

Assessing and managing risks using the Supply Chain Risk Management Process (SCRMP)

Risk Analysis Strategies in the Water Utility Sector: An Inventory of Applications for Better and More Credible Decision Making

A fuzzy-based House of Risk assessment method for manufacturers in global supply chains

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