This paper seeks to complement the supply chain risk monitoring literature by identifying analytics methods and the risk indicators being monitored for this purpose. This includes the underlying supply chain data used for short-term or even real-time monitoring of risks in supply chain risk management.
Liquid oxygen shortage squeezes SpaceX launch plans
A widespread shortage of liquid oxygen linked to the latest wave of the pandemic could affect SpaceX’s launch schedule, a company executive said Aug. 24.
Speaking on a panel at the 36th Space Symposium here, Gwynne Shotwell, president and chief operating officer of SpaceX, cited difficulties in securing supplies of liquid oxygen as one of its biggest supply chain concerns.
“We’re actually going to be impacted this year with the lack of liquid oxygen for launch,” she said. “We certainly are going to make sure the hospitals are going to have the oxygen that they need, but for anybody who has liquid oxygen to spare, send me an email.”
Liquid oxygen is one of the most commonly used propellants in launch vehicles. It serves as an oxidizer in combination with fuels such as liquid hydrogen, kerosene and methane.
Performance Assessment of Oil Supply Chain Infrastructure Subjected to Hurricanes
The petroleum industry in the United States relies heavily on facilities in hurricane-prone regions, such as the Gulf Coast. Past hurricanes have demonstrated the vulnerability of petroleum supply chains to these extreme events; however, models are lacking for hurricane performance assessment of petroleum supply chain infrastructure. In this study, a probabilistic framework is presented for the performance assessment of oil supply chain infrastructure (OSCI) subjected to hurricane events, spanning from a methodological definition to implementation to opportunities and needs. The framework leverages Bayesian networks for probabilistic analysis of connectivity and flow within the oil supply chain, alongside fragility functions for physical damage and functionality assessment of supply chain components. A literature survey is conducted to identify the tools enabling the proposed framework. Application of the method for probabilistic assessment of tightly interrelated oil supply chains subjected to hurricane events is demonstrated with a representative OSCI comprised of platforms, ports, pipelines, refineries, storage facilities, power, and transportation infrastructure. In addition to investigating the impact of alternative levels of hazard exposure and the effectiveness of different mitigation actions, the framework affords the potential for Bayesian updating as new data come online regarding the component performance or product availability/flow. The proposed framework can provide a foundation to support risk mitigation and resilience enhancement efforts in the petroleum industry.
Supply Chain Impact Modelling – Simulation and Machine Learning approach
An epidemic outbreak can cause huge impact not only on human lives alone but also on other sectors relying on it. Supply chain operations are also largely affected from these outbreaks. From the recent epidemic outbreak, severe disruptions affecting both the supply and demand of supply chains were observed. Supply chains being optimized for maximum profits, reduced inventories were less immune to epidemic outbreaks. As a result these firms were left with huge losses during the recent outbreak. This has forced executives to adopt resilience factors to their supply chains. Thus for redesign of supply chains, executives required clear knowledge of how impacts were going to affect their firms. In this paper, simulation modelling for impact analysis of supply chains during an epidemic outbreak is illustrated. This provided a detailed quantitative overview of the impact for executives. Also simulation results were further processed to generate datasets suitable for developing decision support tools using various machine learning algorithms.
Managing Through Disruption: The Importance of Risk Management for Supply Chains
Over the last decade, we have witnessed many types of unpredictable disasters, including terrorist attacks, wars, earthquakes, economic crises, devaluation of currencies, SARS, tsunamis, cyber-attacks, and more recently the COVID-19 pandemic. Today’s global economy has made the world more interconnected than ever, and with the increasing trend to source globally, the COVID-19 virus has demonstrated the extensive impact that supply chain disruptions can have on a business. This has led to an increased need for global insurance coverage as one of the means to protect against supply chain disruptions – specifically, business interruption (BI) and contingent business interruption (CBI) coverage.
Interos – Corporates Urged To Take An Introspective Look At Supply Chain Risk
From the coronavirus crisis to REvil ransomware attacks to the Suez Canal blockage, the volume of supply chain disruptions continues to grow, and businesses have their hands full with mitigating risk on multiple fronts. Jennifer Bisceglie, founder and CEO of Interos, said the damaging results of these events tendt o share one thing: “It’s a perfect storm coming together of physical, digital, human and natural disasters and mistakes,” Bisceglie told PYMNTS in a recent interview. “The common denominator for all of this is the utter lack of visibility. “As organizations prioritize supply chain risk mitigation and supplier management, firms are taking a more strategic look at how to minimize disruption. But there are some missteps that companies continue to make, Bisceglie noted, and as companies begin to hold their suppliers more accountable for their supply chain stability, they must also hold themselves to those high standards too, she said.
Defense Cybersecurity: Defense Logistics Agency Needs to Address Risk Management Deficiencies in Inventory Systems
A Department of Defense task force concluded in 2018 that DOD’s inventory management systems were potentially vulnerable to attack. These systems, run by the Defense Logistics Agency, are used to manage the defense supply chain. They reviewed efforts to reduce the risks in 6 inventory management systems. The agency has taken some prescribed risk management actions but could do more. For example, they found 69% of its plans to fix identified security weaknesses were not carried out on time. They made 5 recommendations to improve the cybersecurity of these systems.
The Importance of Supply Chain Risk Management in Government
The recent massive cyberattack against government agencies and the private sector, suspected to emanate from Russia, has made the federal IT supply chain a front-and-center concern. In that incident, malware embedded in a software update of a technology product enabled hackers to roam undetected on customers’ networks, including federal systems, for at least nine months.