DEA-Driven Risk Management Framework for Optimising Supply Chain Strategies in the Nigerian Oil Industry

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dc.contributor.authorAsu, John Otu
dc.contributor.authorHatami-Marbini, Adel
dc.contributor.authorHafeez, Khalid
dc.contributor.authorKhoshnevis, Pegah
dc.date.acceptance2024-07-12
dc.date.accessioned2024-06-18T09:56:15Z
dc.date.available2024-06-18T09:56:15Z
dc.date.issued2024-06-12
dc.descriptionopen access article
dc.description.abstractThis paper develops a comprehensive risk management framework to optimise the Nigerian oil industry supply chain risk mitigation strategies. Given the complexities of petroleum supply chain, this framework aids researchers and decision-makers in navigating innovative risk management approaches, considering 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 criminality and terrorist attacks as 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 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.
dc.funderNo external funder
dc.identifier.citationHatami-Marbini, A., Asu, J.O., Hafeez, K. and Khoshnevis, P. (2024) DEA-Driven Risk Management Framework for Optimising Supply Chain Strategies in the Nigerian Oil Industry. Socio-Economic Planning Sciences, 101996
dc.identifier.doihttps://doi.org/10.1016/j.seps.2024.101996
dc.identifier.otherS0038-0121(24)00195-2
dc.identifier.urihttps://hdl.handle.net/2086/23927
dc.language.isoen
dc.peerreviewedYes
dc.publisherElsevier
dc.researchinstituteCentre for Enterprise and Innovation (CEI)
dc.rightsAttribution 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectOil supply chains
dc.subjectData envelopment analysis
dc.subjectRisk management
dc.titleDEA-Driven Risk Management Framework for Optimising Supply Chain Strategies in the Nigerian Oil Industry
dc.typeArticle

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