Hatami-Marbini, A., Asu, J.O. orcid.org/0000-0002-3915-589X, Hafeez, K. orcid.org/0000-0001-8675-090X et al. (1 more author) (2024) DEA-driven risk management framework for oil supply chains. Socio-Economic Planning Sciences, 95. 101996. ISSN 0038-0121
Abstract
This paper develops a comprehensive risk management framework to optimise the Nigerian oil supply chain risk mitigation strategies. Given the complexities of the oil supply chain, this framework aids researchers and decision-makers in navigating innovative risk management approaches and considering the implementation of associated challenges. Data Envelopment Analysis (DEA) is initially employed to prioritise risk factors, and based on obtained results, optimal response strategies are determined. The study's findings reveal that criminality and terrorist attacks are the paramount Nigerian oil supply chain risk factors. Additionally, the research identifies practical mitigation strategies, such as risk transfer, safety planning, alternative energy carriers, improved energy efficiency, emergency rescue plans, expected shortages, and diplomatic relations. This research contributes valuable insights to both academia and industry, fostering a deeper understanding of risk dynamics in the Nigerian oil sector. The framework presented offers a powerful approach to risk management, providing a foundation for informed decision-making and strategic planning in the ever-evolving landscape of supply chain dynamics.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2024 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/). |
Keywords: | Oil supply chains; Data envelopment analysis; Risk management |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Management School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 11 Feb 2025 16:01 |
Last Modified: | 11 Feb 2025 16:01 |
Status: | Published |
Publisher: | Elsevier BV |
Refereed: | Yes |
Identification Number: | 10.1016/j.seps.2024.101996 |
Sustainable Development Goals: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:223154 |