Day: May 3, 2010

The Economics of Supply Chain Risk Management using @RISK

At the 2010 Palisade Risk Conference in London, David Inbar of Minet Technologies presented a talk on supply chain risk management.

Supply chain risk management is an emerging field which has been growing significantly in importance because of modern management concepts such as lean, globalization and outsourcing. The mutual dependencies and close collaboration in modern supply chains create unique risks and challenges. Supply chain risk management is an economic process and choosing the elements and amount of risk mitigations should be based on economic measures.

Inbar’s talk gave an overview of the concepts and process of supply chain risk management, and demonstrated how using Monte Carlo simulation techniques with @RISK risk analysis software adds value to the decision making under uncertainty processes and enables managers to purchase the most cost effective mitigations. Says Inbar, "An organization with the right risk management process can assure peace of mind to customers and supply chain partners."

David Inbar is the founder and managing director of Minet Technologies, a provider of professional services and technologies in supply chain and purchasing. Minet is active in the interfaces between business, processes and technologies in the world of supply chain and purchasing, creating methodologies and delivering projects and solutions.

» View a PDF of the presentation here
» Abstracts and presentations from the 2010 Palisade Risk Conference in London

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The value of quantitative science projects too often remains unrealized for would-be consumers. Despite flawless analyses, sophisticated reports and dazzling presentations, the message goes unheeded by those who could most benefit: If only they understood how to operationalize the results. The clarity with which quantitative scientists view the practical application of results is often paralleled only by their inability to generate that same clarity in their customers. The result is that good management science is at best ignored and worst, misunderstood (and misapplied). This free live webcast describes steps we as quantitative scientists can take to foster understanding, generate novel insights and stimulate actionable results with our clients, as well as demonstrates some of the tools we use – including @RISK.

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