Mathematical Modelling of Risk Management in the Shipping Industry

Authors

  • Pradeep Kumar Mishra PhD Research Scholar, Parul University, P.O Limda, Tal: Waghodia, Dist: Vadodara, Gujarat State, India-391760,
  • Dr. Nityangini Jhala Faculty of Applied Sciences, Parul University, P.O Limda, Tal: Waghodia, Dist: Vadodara, Gujarat State, India-391760

DOI:

https://doi.org/10.63278/mme.vi.1639

Keywords:

Risk management, simulation, risk mitigation, marine and offshore industry.

Abstract

Supply chain risk management (SCRM) is primarily a process of systematic identifying, assessing, and mitigating risks within supply chain systems. Despite its complexity and criticality, the offshore and marine industry, particularly the rig-building segment has received limited attention in SCRM literature. This study centers on managing risks in oil rig building projects. A structured risk mitigation framework is proposed to comprehensively identify potential risks, filter out minor ones, and prioritize the remaining based on their impact. A mathematical model is then developed to analyze one of the most significant risks: raw material price fluctuation. To quantify this risk, Monte Carlo simulation is applied using the Risk Solver platform. The study presents two case scenarios demonstrating the implementation of various risk management strategies and evaluates their effectiveness in enhancing the resilience of the rig-building supply chain.

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How to Cite

Mishra, Pradeep Kumar, and Dr. Nityangini Jhala. 2025. “Mathematical Modelling of Risk Management in the Shipping Industry”. Metallurgical and Materials Engineering, May, 804-11. https://doi.org/10.63278/mme.vi.1639.

Issue

Vol. 31 No. 5 (2025)

Section

Research

License

Copyright (c) 2025 Pradeep Kumar Mishra, Dr. Nityangini Jhala

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