Assessing the Efficacy of Risk Mitigations & Preventions in Supply Chain Risk Management Using Fmea & Paired T Test

Abstract

This study aims to assess the efficacy of risk mitigation and prevention strategies in supply chain risk management (SCRM) using failure mode and effects analysis (FMEA) and paired t-test. The research is particularly relevant in the context of Industry 4.0 and Supply Chain 4.0, which introduce new technological risks and disruptions. The paper discusses the significance of SCRM in the Industry 4.0 era, the different types of supply chain risks, and the importance of quality management and Six Sigma methodologies for SCRM. The paper employs previous studies where FMEA was used to identify and prioritize risks to implement risk mitigations to reduce risk, and a paired t-test to evaluate the effectiveness of risk mitigation and prevention strategies. The findings aim to provide insights that can help organizations enhance the resilience and sustainability of their supply chains in the face of emerging challenges.