Strategies to Manage the Impacts of the COVID-19 Pandemic in the Supply Chain: Implications for Improving Economic and Social Sustainability

This paper aims to identify the negative impacts of the COVID-19 outbreak on supply chains and propose strategies to deal with the impacts in the context of the readymade garment (RMG) industry supply chain of an emerging economy: Bangladesh. To achieve the aims, a methodological framework is proposed through a literature review, expert inputs, and a decision-aid tool, namely the grey-based digraph-matrix method. A total of 10 types of negative impacts and 22 strategic measures to tackle the impacts were identified based on the literature review and expert inputs. Then, the grey-based digraph-matrix was applied for modeling the strategic measures based on their influence to deal with the impacts. Findings reveal that the strategies “manufacturing flexibility”, “diversify the source of supply”, and “develop backup suppliers” have significant positive consequences for managing the impacts of the COVID-19 pandemic in the RMG supply chain. The findings help industrial managers recover from supply chain disruptions by identifying and classifying the impacts and strategies required to manage the major supply chain disturbances caused by the COVID-19 pandemic. As a theoretical contribution, this study is one of few initial attempts to evaluate the impacts of the COVID-19 outbreak and the strategies to deal with the impacts in the supply chain context

Analysis of Decision Support Systems of Industrial Relevance: Application Potential of Fuzzy and Grey Set Theories

The present work articulates few case empirical studies on decision making in industrial context. Development of variety of Decision Support System (DSS) under uncertainty and vague information is attempted herein. The study emphases on five important decision making domains where effective decision making may surely enhance overall performance of the organization. The focused territories of this work are i) robot selection, ii) g-resilient supplier selection, iii) third party logistics (3PL) service provider selection, iv) assessment of supply chain’s g-resilient index and v) risk assessment in e-commerce exercises. Firstly, decision support systems in relation to robot selection are conceptualized through adaptation to fuzzy set theory in integration with TODIM and PROMETHEE approach, Grey set theory is also found useful in this regard; and is combined with TODIM approach to identify the best robot alternative. In this work, an attempt is also made to tackle subjective (qualitative) and objective (quantitative) evaluation information simultaneously, towards effective decision making. Supplier selection is a key strategic concern for the large-scale organizations. In view of this, a novel decision support framework is proposed to address g-resilient (green and resilient) supplier selection issues. Green capability of suppliers’ ensures the pollution free operation; while, resiliency deals with unexpected system disruptions. A comparative analysis of the results is also carried out by applying well-known decision making approaches like Fuzzy- TOPSIS and Fuzzy-VIKOR. In relation to 3PL service provider selection, this dissertation proposes a novel ‘Dominance- Based’ model in combination with grey set theory to deal with 3PL provider selection, considering linguistic preferences of the Decision-Makers (DMs). An empirical case study is articulated to demonstrate application potential of the proposed model. The results, obtained thereof, have been compared to that of grey-TOPSIS approach. Another part of this dissertation is to provide an integrated framework in order to assess gresilient (ecosilient) performance of the supply chain of a case automotive company. The overall g-resilient supply chain performance is determined by computing a unique ecosilient (g-resilient) index. The concepts of Fuzzy Performance Importance Index (FPII) along with Degree of Similarity (DOS) (obtained from fuzzy set theory) are applied to rank different gresilient criteria in accordance to their current status of performance. The study is further extended to analyze, and thereby, to mitigate various risk factors (risk sources) involved in e-commerce exercises. A total forty eight major e-commerce risks are recognized and evaluated in a decision making perspective by utilizing the knowledge acquired from the fuzzy set theory. Risk is evaluated as a product of two risk quantifying parameters viz. (i) Likelihood of occurrence and, (ii) Impact. Aforesaid two risk quantifying parameters are assessed in a subjective manner (linguistic human judgment), rather than exploring probabilistic approach of risk analysis. The ‘crisp risk extent’ corresponding to various risk factors are figured out through the proposed fuzzy risk analysis approach. The risk factor possessing high ‘crisp risk extent’ score is said be more critical for the current problem context (toward e-commerce success). Risks are now categorized into different levels of severity (adverse consequences) (i.e. negligible, minor, marginal, critical and catastrophic). Amongst forty eight risk sources, top five risk sources which are supposed to adversely affect the company’s e-commerce performance are recognized through such categorization. The overall risk extent is determined by aggregating individual risks (under ‘critical’ level of severity) using Fuzzy Inference System (FIS). Interpretive Structural Modeling (ISM) is then used to obtain structural relationship amongst aforementioned five risk sources. An appropriate action requirement plan is also suggested, to control and minimize risks associated with e-commerce exercises

A review of applications of fuzzy sets to safety and reliability engineering

Safety and reliability are rigorously assessed during the design of dependable systems. Probabilistic risk assessment (PRA) processes are comprehensive, structured and logical methods widely used for this purpose. PRA approaches include, but not limited to Fault Tree Analysis (FTA), Failure Mode and Effects Analysis (FMEA), and Event Tree Analysis (ETA). In conventional PRA, failure data about components is required for the purposes of quantitative analysis. In practice, it is not always possible to fully obtain this data due to unavailability of primary observations and consequent scarcity of statistical data about the failure of components. To handle such situations, fuzzy set theory has been successfully used in novel PRA approaches for safety and reliability evaluation under conditions of uncertainty. This paper presents a review of fuzzy set theory based methodologies applied to safety and reliability engineering, which include fuzzy FTA, fuzzy FMEA, fuzzy ETA, fuzzy Bayesian networks, fuzzy Markov chains, and fuzzy Petri nets. Firstly, we describe relevant fundamentals of fuzzy set theory and then we review applications of fuzzy set theory to system safety and reliability analysis. The review shows the context in which each technique may be more appropriate and highlights the overall potential usefulness of fuzzy set theory in addressing uncertainty in safety and reliability engineering

RISK ASSESSMENT TECHNIQUES IN REAL ESTATE INVESTMENT: A CONCEPTUAL REVIEW

The intrinsic existence of risk in Real Estate investment and often being less quantifiable, encourages to identify, and measure the associated risk to satisfy the expectations of an investment. Hence, choosing an appropriate technique is paramount. Many techniques have been applied in assessing the risk, yet no review has done. This paper aims to present a critical review of the risk assessment models and techniques, already applied. Details of 18 techniques, 12 other possible and applicable techniques and 02 models were used as data and reviewed chronologically. Results revealed that majority are qualitative and varied as per the different scenarios, thus applying a combination is recommended.&nbsp

Interpretive structural model of key performance indicators for sustainable manufacturing evaluation in automotive companies

This paper aims to analyze the interrelationships among the key performance indicators of sustainable manufacturing evaluation in automotive companies. The initial key performance indicators have been identified and derived from literature and were then validated by industry survey. Interpretive structural modeling (ISM) methodology is applied to develop a hierarchical structure of the key performance indicators in three levels. Of nine indicators, there are five unstable indicators which have both high driver and dependence power, thus requiring further attention. It is believed that the model can provide a better insight for automotive managers in assessing their sustainable manufacturing performance