Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation
We present a model constructed for a large consumer products company to assess their vulnerability to disruption risk and quantify its impact on customer service. Risk profiles for the locations and connections in the supply chain are developed using Monte Carlo simulation, and the flow of material...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
Institute of Electrical and Electronics Engineers
2010
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| Online Access: | http://hdl.handle.net/1721.1/60281 |
| _version_ | 1811094839376216064 |
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| author | Schmitt, Amanda J. Singh, Mahender |
| author2 | Massachusetts Institute of Technology. Center for Transportation & Logistics |
| author_facet | Massachusetts Institute of Technology. Center for Transportation & Logistics Schmitt, Amanda J. Singh, Mahender |
| author_sort | Schmitt, Amanda J. |
| collection | MIT |
| description | We present a model constructed for a large consumer products company to assess their vulnerability to disruption risk and quantify its impact on customer service. Risk profiles for the locations and connections in the supply chain are developed using Monte Carlo simulation, and the flow of material and network interactions are modeled using discrete-event simulation. Capturing both the risk profiles and material flow with simulation allows for a clear view of the impact of disruptions on the system. We also model various strategies for coping with the risk in the system in order to maintain product availability to the customer. We discuss the dynamic nature of risk in the network and the importance of proactive planning to mitigate and recover from disruptions. |
| first_indexed | 2024-09-23T16:06:20Z |
| format | Article |
| id | mit-1721.1/60281 |
| institution | Massachusetts Institute of Technology |
| language | en_US |
| last_indexed | 2024-09-23T16:06:20Z |
| publishDate | 2010 |
| publisher | Institute of Electrical and Electronics Engineers |
| record_format | dspace |
| spelling | mit-1721.1/602812022-10-02T06:20:46Z Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation Schmitt, Amanda J. Singh, Mahender Massachusetts Institute of Technology. Center for Transportation & Logistics Singh, Mahender Schmitt, Amanda J. Singh, Mahender We present a model constructed for a large consumer products company to assess their vulnerability to disruption risk and quantify its impact on customer service. Risk profiles for the locations and connections in the supply chain are developed using Monte Carlo simulation, and the flow of material and network interactions are modeled using discrete-event simulation. Capturing both the risk profiles and material flow with simulation allows for a clear view of the impact of disruptions on the system. We also model various strategies for coping with the risk in the system in order to maintain product availability to the customer. We discuss the dynamic nature of risk in the network and the importance of proactive planning to mitigate and recover from disruptions. 2010-12-13T16:05:35Z 2010-12-13T16:05:35Z 2010-03 2009-12 Article http://purl.org/eprint/type/ConferencePaper 978-1-4244-5770-0 INSPEC Accession Number: 11179069 http://hdl.handle.net/1721.1/60281 Schmitt, A.J., and M. Singh. “Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation.” Winter Simulation Conference (WSC), Proceedings of the 2009. 2009. 1237-1248. © Copyright 2009 IEEE en_US http://dx.doi.org/10.1109/WSC.2009.5429561 Proceedings of the 2009 Winter Simulation Conference (WSC) Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. application/pdf Institute of Electrical and Electronics Engineers IEEE |
| spellingShingle | Schmitt, Amanda J. Singh, Mahender Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation |
| title | Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation |
| title_full | Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation |
| title_fullStr | Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation |
| title_full_unstemmed | Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation |
| title_short | Quantifying supply chain disruption risk using Monte Carlo and discrete-event simulation |
| title_sort | quantifying supply chain disruption risk using monte carlo and discrete event simulation |
| url | http://hdl.handle.net/1721.1/60281 |
| work_keys_str_mv | AT schmittamandaj quantifyingsupplychaindisruptionriskusingmontecarloanddiscreteeventsimulation AT singhmahender quantifyingsupplychaindisruptionriskusingmontecarloanddiscreteeventsimulation |