Understanding Supply Chain Risk Management

Before we begin with “Supply Chain Risk Management” under SCM, try answering what does “Risk” mean to you in general?

We can explain risk as something resulting in an unfavorable outcome.

Precisely, Risk refers to an uncertain situation which is an unavoidable part of human life. Denis Waitley once expressed the same facts through a powerful quote given below.

“Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing.”– Denis Waitley

Read it carefully and you will find an insightful meaning to it...

If one cannot escape from Risk … Ideally, he should prepare for it.

The same goes for supply chain management … Supply chains are inherently risky, therefore we need to prepare for the risks involved.

“SCRM” prepares us for (Read more)