scholarly journals Risk Mitigation Strategy and Efficiency Improvement of PT Gasses Logistic Transportation using Six Sigma DMAIC Method

2021 ◽  
Vol 04 (12) ◽  
Author(s):  
Ramadytio Fadhli Prayogio ◽  
Keyword(s):  
Risk Management ◽  
Six Sigma ◽  
Oil And Gas ◽  
Risk Mitigation ◽  
Oil And Gas Industry ◽  
Mitigation Strategies ◽  
Pareto Chart ◽  
Management Framework ◽  
Risk Management Framework ◽  
Dmaic Method

PT Gasses Logistic is one of the companies that operates in the downstream oil and gas industry that focuses on providing logistic services and other support. From oil, gasses, to lubricant, together with their partnership, PT Gasses Logistic are responsible of transporting those goods to their consumers across Indonesia. Also, PT Gasses Logistic is the subsidiary/child company from one of the biggest state-owned enterprises in Indonesia. The core business of PT Gasses Logistic is transportation, that is why every type of problem in transportation needed to be solved quickly. Through this research, it is identified 4 problems by using Pareto Chart. The problems are work & traffic accident, losses while loading & unloading operation, risk in damaging MESRAN MIN 40, and risk in damaging RORED EPA MIN 90. Those problems will be evaluated with risk management framework and analyse further using Six Sigma DMAIC method. Risk management framework will be used to identify the risk rating for each risk, which will be used when planning the mitigation strategies. Six Sigma DMAIC method will identified what is the problem, how it the performance regarding the process related to the problem, what is the root causes, how to improve it, and how to control it. After using the risk management framework and Six Sigma DMAIC method, it is found that the root causes of the problems, which is identified by using fishbone diagram tools, is People and Machine. The author then provided the risk mitigation strategies solution of improvement, the implementation plan, and how to control it. With this research, the author hopes that it will help reducing/mitigating any losses received by PT Gasses Logistic incurred by those problems.

scholarly journals Development of methodological approaches to establishing an integrated risk management framework for leasing transactions in Ukraine

2017 ◽  
pp. 49-63
Author(s):  
Anzhela Kuznietsova ◽  
Oleksandr Levchenko
Keyword(s):  
Risk Management ◽  
Product Life Cycle ◽  
Risk Mitigation ◽  
Management Framework ◽  
Risk Management Framework ◽  
Integrated Risk ◽  
Credit Mechanism ◽  
Risk Management Process ◽  
Low Efficiency ◽  
Integrated Risk Management

Based on studies of domestic and foreign researchers, the article gives a modified and extended classification of risks related to leasing transactions which includes a new classify cation attribute ‘by types of leasing activities’ (in terms of risk management). Risk mitigation techniques for leasing transactions are described in detail, as well as their essence, ways of introducing and expected outcomes. The advantages of securitization are summarized and key reasons for low efficiency of this method in the domestic leasing market are identified. For these reasons, the domestic stock market is less developed and Ukraine’s current legislation on leasing is imperfect. It is pointed out that success in development of Ukraine’s financial market relies on the growth of leasing along with the efficiency of financial and credit mechanism that supports leasing transactions and determines the quality of risk management framework as an integral part of such a mechanism. The process of risk management for leasing transactions is formalized. A comparative analysis of fragmentary and complex approaches applied in Ukraine towards establishing a risk management framework for leasing companies is undertaken. The paper justifies the necessity of establishing an integrated risk management framework for leasing transactions as part of financial and credit mechanism that supports leasing transactions. The need for establishing such a framework is driven by the following market trends: globalization; increased competition; company consolidation; product standardization; product life cycle decrease; technological innovation; increased attention to risks given by the state, society, stockholders and board of directors. It is stated that establishing an integrated risk management framework for leasing transactions involves the following progressive steps: setting goals and targets, identifying and evaluating risks, planning for potential risks, monitoring risks and introducing risk management process. The article highlights the main goal of an integrated risk management framework for leasing transactions, long-term tasks for achieving this goal, major function that the framework should perform and principles that it should preserve.

scholarly journals Relations of COVID-19 and the Risk Management Framework

2021 ◽  
Vol 13 (21) ◽  
pp. 11854
Author(s):  
Jozef Klucka ◽  
Rudolf Gruenbichler ◽  
Jozef Ristvej
Keyword(s):  
Risk Management ◽  
Ad Hoc ◽  
Mitigation Strategies ◽  
Negative Consequences ◽  
Management Framework ◽  
The North ◽  
Risk Management Framework ◽  
Internet Resources ◽  
Internal Procedures ◽  
The Impact

The routine approach used in risk management is based on the scheme that within the prevention period an organisation or a state prepares for the expected risks and once the risks occur, resources and internal procedures are implemented to mitigate their negative consequences. The objective of the paper is to analyse risk management and its constraints, its application in COVID-19 period and based on it provide mitigating strategies for specific problems/risks related to COVID-19. The research methods related to the topics are: (a) study of books, newspapers and other internet resources and (b) interviews with COVID-19 managers at district and regional level in the north of Slovakia. The proposals for mitigation strategies are based on the basic assumption relevant for COVID-19 that there are risks with unknown probability and unknown consequences. Therefore, the mitigation strategies are adapted to the current situation, which includes lack of data and know-how, lack of experience, political and economic unrest and social problems. The impact of constraints is based on an ad-hoc or unplanned and clearly structured approach. Problems and risks are identified and mitigation strategies are proposed. The proposed measures (quantitative/qualitative) should be evaluated and via benchmarking the development and efficiency of applied measures monitored and assessed. The output of identified risk-known and –unknown creates a framework for implementation.

scholarly journals Project Risk Mitigation and Project Execution in the Nigeria Oil And Gas Industry

2021 ◽  
Vol 4 (2) ◽  
pp. 117-125
Author(s):  
Ike Egboga ◽  
Eniola Taiwo
Keyword(s):  
Oil And Gas ◽  
Risk Mitigation ◽  
Rank Order ◽  
Oil And Gas Industry ◽  
Analysis Data ◽  
Mitigation Strategies ◽  
Project Risk ◽  
Gas Industry ◽  
Risk Mitigation Strategies ◽  
Holistic Integration

The focus of this study is to examine the relationship between project risk mitigation and project execution in the Nigeria oil and gas industry. Specifically, the study examines the extent of contribution of project risk mitigation in realising project budget, quality, schedule and scope during execution. In pursuant of these objectives, survey research design was used. 102 questionnaires were administered to the Managing Directors or Chief Operating Officers and project or operations managers of the selected companies. Eighty two questionnaires were validly retrieved and used for data analysis. Data obtained were analysed mean and Spearman’s rank order correlation analysis. The study found that projects risk mitigation was significantly and positively related to project execution in terms of budget, quality, schedule and scope. The study therefore recommends that there should be a holistic integration and constant improvement of project risk mitigation strategies which will help improve the quality of projects executed in the Nigerian oil and gas industry.

The role of risk management in buyer-supplier relationships with a preferred customer status for total quality management

2020 ◽  
Vol 32 (5) ◽  
pp. 959-981
Author(s):  
Roberta Pellegrino ◽  
Nicola Costantino ◽  
Danilo Tauro
Keyword(s):  
Risk Management ◽  
Real Life ◽  
Mitigation Strategies ◽  
Total Quality ◽  
Multinational Organization ◽  
Supplier Relationships ◽  
Content Type ◽  
Management Framework ◽  
Strategic Purchasing ◽  
Risk Management Framework

PurposeThis paper provides a comprehensive risk management framework for buyer-supplier relationships where the buyer has the status of a preferred customer with the supplier.Design/methodology/approachEmpirical evidence is offered with a case study on a large multinational organization in the Fast Moving Consumer Goods (FMCG) industry, with some real-life perspectives on the main risks, mitigation strategies, and issues faced when applying the risk management framework.FindingsThe results show that several risks may affect buyer-supplier relationships: not only traditional supply risks but also risks linked to specific initiatives and/or relationships, as well as risks specific to buyer-supplier relationships with a preferred customer status. Customer attractiveness and supplier satisfaction are found as core drivers for the mitigation strategies, which are built to protect the relationship with the supplier, rather than the buying firm alone, knowing that being a preferred customer with preferential resources allocation may increase a firm’s competitive advantage.Originality/valueThe research brings important contributions to the academic literature and interesting insights to strategic purchasing practitioners, by enhancing the existing knowledge on supply risk management in buyer-supplier relationships with a preferred customer status, as well as providing strategic purchasing practitioners a comprehensive view of the risks, which may affect the relationships with a preferred customer status, as well as possible ways to mitigate them.

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