Response as a mitigation approach

Abstract

As supply chains become more complex, companies find their supply chains more vulnerable to unforeseen disruptions in their supply chains. Without responsive systems in place, such disruptions can have huge impact in terms of cost and recovery time to the company (and its customers as well as suppliers). This chapter presents a time-based risk management framework to motivate improved practice and research into systematic and pre-planned response to risk incidents. Our time-based risk management framework focuses on time and processes as regards the companys response to disruptions when they occur rather than on their cost, likelihood or impact.