Supply Chain Risk Management Review and a New Framework for Petroleum Supply Chains

Supply Chains have significantly increased in size and complexity due to supplier, producer and customer globalization. The quest for business efficiency has resulted in the current paradigm of lean organizations, exposing high vulnerability to disruptions and uncertainties. Supply Chain Risk Management (SCRM) has surfaced as a high potential field to foster business sustainability, flexibility and resilience. The Petroleum Supply Chain (PSC), a highly automated, investment intensive, and financial risk prone industry sees keen interest in uncertainty mitigation. The current paper develops a hierarchical SCRM framework and presents a classified review of the extant SCRM literature. The investigation then focuses on the petroleum supply chain risk management (PSC-RM), reviews the PSC and the process industry developments, develops a hierarchical RM methodology, identifying research directions and financial offerings for the PSC-RM implementation.

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