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Mean-Risk Analysis: An Introduction

In: Risk Analysis in Stochastic Supply Chains

Author

Listed:
  • Tsan-Ming Choi

    (The Hong Kong Polytechnic University)

  • Chun-Hung Chiu

    (City University of Hong Kong)

Abstract

Risk is a term commonly used in business. In a supply chain, risk is associated with the decision making problems whenever there exist uncertain outcomes and some of the outcomes are unfavorable (Lowrance 1976; Haimes 2004; Tuncel and Alpan 2010). There are different perspectives of supply chain risk analysis and management (Tang 2006; Sodhi et al. 2012). One of these perspectives focuses on examining the supply chain disruption risk which is defined as the supply chain risk associated with anthropogenic or natural disruptions such as earthquakes, hurricanes, terrorist attacks, big storms, economic crises, diseases, etc. Another perspective links risk in the supply chain with some “normal uncertainties” such as demand volatility, supply uncertainty, and cost–revenue variation; this kind of risk is termed as the supply chain operational risk, and it is the major area of supply chain risk that we examine in this book.

Suggested Citation

  • Tsan-Ming Choi & Chun-Hung Chiu, 2012. "Mean-Risk Analysis: An Introduction," International Series in Operations Research & Management Science, in: Risk Analysis in Stochastic Supply Chains, edition 127, chapter 0, pages 1-19, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-3869-4_1
    DOI: 10.1007/978-1-4614-3869-4_1
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