In a recent issue of Supply Chain Digital magazine, Palisade's Randy Heffernan explored the relevancy of risk analysis solutions for supply chains.
"Managers need to be able to answer questions like: 'What is the probability this critical part will arrive on time?' and 'What are the chances of failure at this point in the process?'" says Heffernan. "[Risk analysis techniques using Monte Carlo simulation] allow decision makers to perform trade-off analysis among expected costs, quality acceptance levels, and on-time delivery distributions. It also provides alternative tools to evaluate and improve supplier selection decisions in an uncertain supply chain environment."
Supply Chain Digital covers the global supply chain space, from how parts are sourced to how packages arrive on your doorstep. It is a leading source of logistics, procurement, warehousing and outsourcing news geared toward executives in the supply chain industry around the world.
» Read the complete article: "Risk Analysis Will Drive Better Decsions Across the Supply Chain"
