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Special Issue "Sustainable Assessment in Supply Chain and Infrastructure Management"

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Sustainable Engineering and Science".

Deadline for manuscript submissions: closed (30 September 2021).

Special Issue Editors

Dr. Golam Kabir
E-Mail Website
Guest Editor
Industrial Systems Engineering, University of Regina, Regina, SK S4S 0A2, Canada
Interests: system risk, reliability, and resilience assessment; infrastructure management; critical infrastructure; sustainable system analytics
Dr. Sanjoy Kumar Paul
E-Mail Website
Guest Editor
UTS Business School, University of Technology Sydney, Australia
Interests: supply chain risk management; sustainability; applied operations research; modelling and optimisation; supply chain analytics
Dr. Syed Mithun Ali
E-Mail Website
Guest Editor
Department of Industrial and Production Engineering, Bangladesh University of Engineering and Technology, Dhaka-1000, Bangladesh
Interests: operations management; supply chain management; operations research; sustainable supply chain

Special Issue Information

Dear Colleagues,

Assessing sustainability in supply chain and infrastructure management is an important task for any organisation in the competitive business environment or public domain. Organisations are presently trying to develop their sustainable strategies through preparedness, response and recovery because of increased competitive, regulatory and community pressure. Sustainability in the context of supply chain implies, that companies identify, assess and manage impacts and risks in all the echelons of the supply chain considering upstream and downstream activities. On the other hand, sustainable infrastructure management can be defined as the ability of infrastructure to meet the requirements of the present without sacrificing the ability of future generations to address their needs. Considering the wider adoption and development of sustainability principles across the globe, there is a real need to develop a meaningful and more focused understanding of sustainability in supply chain management and infrastructure management practices.

This Special Issue aims to encourage studies exploring theoretical, methodological, and practical studies related to the sustainability assessment in supply chain and infrastructure management. This Special Issue focuses on but is not limited to:

  • Modelling for sustainable supply chain
  • Sustainable strategies in global supply chain
  • Risk management in sustainable supply chain
  • Reverse logistics and circular economy
  • Environmental impact assessment in supply chain
  • Ethical and social aspects of supply chain
  • Supply chain technology and impact on sustainability
  • Modelling for sustainable transportation and logistics
  • Sustainability in small and medium enterprises (SMEs)
  • Risk assessment and management of critical infrastructures
  • Vulnerability and consequence assessment of infrastructures
  • Sustainability assessment and resilience analysis of critical infrastructures
  • Life cycle cost analysis for the sustainable infrastructure assessment
  • Resource allocation for maintenance, repair, and replacement of infrastructure systems

Dr. Golam Kabir
Dr. Sanjoy Kumar Paul
Dr. Syed Mithun Ali
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1900 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • sustainable and resilient infrastructure
  • reliability and risk management
  • critical infrastructure
  • sustainable supply chain
  • environmental sustainability
  • ethical and social sustainability
  • risk management in sustainable supply chain
  • sustainable transportation and logistics
  • sustainability in SMEs

Published Papers (13 papers)

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Research

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Article
Efficiency Assessment of Operations Strategy Matrix in Healthcare Systems of US States Amid COVID-19: Implications for Sustainable Development Goals
Sustainability 2021, 13(21), 11934; https://doi.org/10.3390/su132111934 - 28 Oct 2021
Viewed by 326
Abstract
The objective of this study is to assess the efficiency of the operations strategy matrix in the healthcare system of U.S. states amid COVID-19. Output-Oriented Data Envelopment Analysis was used to assess the efficiency of the operations strategy matrix. Strategic Decision Areas (Capacity, [...] Read more.
The objective of this study is to assess the efficiency of the operations strategy matrix in the healthcare system of U.S. states amid COVID-19. Output-Oriented Data Envelopment Analysis was used to assess the efficiency of the operations strategy matrix. Strategic Decision Areas (Capacity, Supply Network, Process Technology, and Development and Organization) were considered inputs while competitive priorities (Quality, Cost, Delivery, and Flexibility) were considered outputs. According to results; Alaska, Alabama, Arkansans, Florida, Hawaii, Iowa, Idaho, Louisiana, Minnesota, Missouri, Mississippi, Montana, North Carolina, New Jersey, New York, Oklahoma, South Carolina, South Dakota, Texas, Vermont, Wisconsin, and Wyoming are relatively efficient. Additionally, Connecticut, Louisiana, Minnesota, New Jersey, Rhode Island, Tennessee, Utah, Vermont, Washington, and Wyoming are fully efficient while South Dakota is the state that needs the most improvement in terms of strategic decision areas and competing priorities. On the other hand, inefficient states have larger population and GDP than efficient states. Based on these results, implications for sustainable development goals (SDGs) are drawn. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
Article
Sustainability of Investment Projects with Energy Efficiency and Non-Energy Efficiency Costs: Case Examples of Public Buildings
Sustainability 2021, 13(11), 5837; https://doi.org/10.3390/su13115837 - 22 May 2021
Cited by 1 | Viewed by 598
Abstract
According to the European Commission Energy Union strategy from 2015, some of the main objectives are to improve energy efficiency, reduce dependence on energy imports, cut emissions, and drive jobs and growth. Achieving the objectives of the Energy Union requires significant financing, particularly [...] Read more.
According to the European Commission Energy Union strategy from 2015, some of the main objectives are to improve energy efficiency, reduce dependence on energy imports, cut emissions, and drive jobs and growth. Achieving the objectives of the Energy Union requires significant financing, particularly for investments in energy efficiency. Serbia and Croatia included the objectives of the Energy Union in their national strategies and have implemented various investment projects in this area. This paper focuses on the sustainability of energy efficiency projects for public buildings which include not only energy efficiency investment cost but also non-energy efficiency investments. By applying the European Commission methodology for cost-benefit analysis, we assessed the sustainability of several projects in Serbia and Croatia. The sustainability assessment is done by quantifying energy savings, greenhouse gas emission reductions and the social and economic benefits that are related to non-energy efficiency project components. The values of economic performance indicators imply that society would be better off with projects that would contribute to achieving not only the targets set in national energy strategies but also to creating broader social benefits. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
Flood Resilience of Housing Infrastructure Modeling and Quantification Using a Bayesian Belief Network
Sustainability 2021, 13(3), 1026; https://doi.org/10.3390/su13031026 - 20 Jan 2021
Cited by 2 | Viewed by 901
Abstract
Resilience is the capability of a system to resist any hazard and revive to a desirable performance. The consequences of such hazards require the development of resilient infrastructure to ensure community safety and sustainability. However, resilience-based housing infrastructure design is a challenging task [...] Read more.
Resilience is the capability of a system to resist any hazard and revive to a desirable performance. The consequences of such hazards require the development of resilient infrastructure to ensure community safety and sustainability. However, resilience-based housing infrastructure design is a challenging task due to a lack of appropriate post-disaster datasets and the non-availability of resilience models for housing infrastructure. Hence, it is necessary to build a resilience model for housing infrastructure based on a realistic dataset. In this work, a Bayesian belief network (BBN) model was developed for housing infrastructure resilience. The proposed model was tested in a real community in Northeast India and the reliability, recovery, and resilience of housing infrastructure against flood hazards for that community were quantified. The required data for resilience quantification were collected by conducting a field survey and from public reports and documents. Lastly, a sensitivity analysis was performed to observe the critical parameters of the proposed BBN model, which can be used to inform designers, policymakers, and stakeholders in making resilience-based decisions. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
Geoadditive Quantile Regression Model for Sewer Pipes Deterioration Using Boosting Optimization Algorithm
Sustainability 2020, 12(20), 8733; https://doi.org/10.3390/su12208733 - 21 Oct 2020
Viewed by 596
Abstract
Proactive management of wastewater pipes requires the development of deterioration models that support maintenance and inspection prioritization. The complexity and the lack of understanding of the deterioration process make this task difficult. A semiparametric Bayesian geoadditive quantile regression approach is applied to estimate [...] Read more.
Proactive management of wastewater pipes requires the development of deterioration models that support maintenance and inspection prioritization. The complexity and the lack of understanding of the deterioration process make this task difficult. A semiparametric Bayesian geoadditive quantile regression approach is applied to estimate the deterioration of wastewater pipe from a set of covariates that are allowed to affect linearly and nonlinearly the response variable. Categorical covariates only affect linearly the response variable. In addition, geospatial information embedding the unknown and unobserved influential covariates is introduced as a surrogate covariate that capture global autocorrelations and local heterogeneities. Boosting optimization algorithm is formulated for variable selection and parameter estimation in the model. Three geoadditive quantile regression models (5%, 50% and 95%) are developed to evaluate the band of uncertainty in the prediction of the pipes scores. The proposed model is applied to the wastewater system of the city of Calgary. The results show that an optimal selection of covariates coupled with appropriate representation of the dependence between the covariates and the response increases the accuracy in the estimation of the uncertainty band of the response variable. The proposed modeling approach is useful for the prioritization of inspections and provides knowledge for future installations. In addition, decision makers will be informed of the probability of occurrence of extreme deterioration events when the identified causal factors, in the 5% and 95% quantiles, are observed on the field. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
Let the Game Begin: Enhancing Sustainable Collaboration among Actors in Innovation Ecosystems in a Playful Way
Sustainability 2020, 12(20), 8494; https://doi.org/10.3390/su12208494 - 15 Oct 2020
Cited by 2 | Viewed by 1045
Abstract
Logistics and transport systems are complex systems for which sustainable innovations are urgently needed. Serious games are an acknowledged tool for training, learning, and decision making, as well as for helping to introduce innovative concepts for complex systems. Technological innovations for the transport [...] Read more.
Logistics and transport systems are complex systems for which sustainable innovations are urgently needed. Serious games are an acknowledged tool for training, learning, and decision making, as well as for helping to introduce innovative concepts for complex systems. Technological innovations for the transport domain that can improve sustainability are usually heavily dependent on the collaboration among actors. A simulation gaming approach can help these actors in understanding the challenges involved, and in finding solutions in a playful, interactive way. Our research approach includes a thorough literature review on games for innovation and collaboration in transport networks, and the development of two dedicated simulation games addressing sustainability innovations for the Port of Rotterdam, the largest seaport in Europe and one of the largest in the world. The two innovation cases are truck platooning and multi-sided digital platforms for barge transportation, both improving the sustainability of hinterland transportation. The games serve as instruments to reveal interactions and tensions among actors, contribute to the interpretation of their behavior, and eventually help all parties to reach a better understanding on how innovation adoption can be fostered, using an innovation ecosystem perspective. We are convinced that serious gaming, by providing a better understanding of the innovation process, will help the implementation of sustainability innovations in complex systems. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
Minimizing the Gap between Expectation and Ability: Strategies for SMEs to Implement Social Sustainability Practices
Sustainability 2020, 12(16), 6408; https://doi.org/10.3390/su12166408 - 09 Aug 2020
Cited by 3 | Viewed by 1415
Abstract
Traditionally, it is believed that small- and medium-sized enterprises (SMEs) do not have enough ability to adopt and persistently practice social sustainability. This is because SMEs are not capital-intensive companies and neither are their returns nor skills. At the same time, the wellbeing [...] Read more.
Traditionally, it is believed that small- and medium-sized enterprises (SMEs) do not have enough ability to adopt and persistently practice social sustainability. This is because SMEs are not capital-intensive companies and neither are their returns nor skills. At the same time, the wellbeing of the employees in SMEs cannot be ensured and sustainable development goals cannot be achieved without making SMEs socially sustainable, as they account for the majority of world businesses. Moreover, the expectation of the stakeholders and subsequent pressure on SMEs to practicing social sustainability remains. Such pressure from the stakeholders creates a “mismatch problem” between stakeholders’ expectations and SMEs’ abilities to adopt socially sustainable practices. This study aims to explore what factors are responsible for this “mismatch problem”, and how SMEs can handle this mismatch to be socially sustainable firms. Based on a rigorous literature review, this study reveals that both internal issues, such as a lack of resources and awareness, and external issues, such as the non-existence of a tailored social sustainability standard for SMEs and lack of institutional support, are responsible for this gap. This study develops several propositions that highlight the requirements in various situations and provides strategies outlining the implications for SMEs and their stakeholders to make SMEs socially sustainable. Overall, this study discloses that cooperative support from stakeholders, especially during a disruption such as the COVID-19 pandemic, a finance mechanism, the development of awareness and human capital in SMEs, and a unified standard for SMEs are likely to improve social sustainability practices in SMEs. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
A Multi-Item Replenishment Problem with Carbon Cap-and-Trade under Uncertainty
Sustainability 2020, 12(12), 4877; https://doi.org/10.3390/su12124877 - 15 Jun 2020
Viewed by 689
Abstract
Recently, as global warming has become a major issue, many companies have increased their efforts to control carbon emissions in green supply chain management (GSCM) activities. This paper deals with the multi-item replenishment problem in GSCM, from both economic and environmental perspectives. A [...] Read more.
Recently, as global warming has become a major issue, many companies have increased their efforts to control carbon emissions in green supply chain management (GSCM) activities. This paper deals with the multi-item replenishment problem in GSCM, from both economic and environmental perspectives. A single buyer orders multiple items from a single supplier, and simultaneously considers carbon cap-and-trade under limited storage capacity and limited budget. In this case we can apply a can-order policy, which is a well-known multi-item replenishment policy. Depending on the market characteristics, we develop two mixed-integer programming (MIP) models based on the can-order policy. The deterministic model considers a monopoly market in which a company fully knows the market information, such that both storage capacity and budget are already determined. In contrast, the fuzzy model considers a competitive or a new market, in which case both of those resources are considered as fuzzy numbers. We performed numerical experiments to validate and assess the efficiency of the developed models. The results of the experiments showed that the proposed can-order policy performed far better than the traditional can-order policy in GSCM. In addition, we verified that the fuzzy model can cope with uncertainties better than the deterministic model in terms of total expected costs. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
Benchmarking of Water, Energy, and Carbon Flows in Academic Buildings: A Fuzzy Clustering Approach
Sustainability 2020, 12(11), 4422; https://doi.org/10.3390/su12114422 - 29 May 2020
Cited by 4 | Viewed by 974
Abstract
In Canada, higher educational institutions (HEIs) are responsible for a significant portion of energy consumption and anthropogenic greenhouse gas (GHG) emissions. Improving the environmental performance of HEIs is an important step to achieve nationwide impact reduction. Academic buildings are among the largest infrastructure [...] Read more.
In Canada, higher educational institutions (HEIs) are responsible for a significant portion of energy consumption and anthropogenic greenhouse gas (GHG) emissions. Improving the environmental performance of HEIs is an important step to achieve nationwide impact reduction. Academic buildings are among the largest infrastructure units in HEIs. Therefore, it is crucial to improve the environmental performance of academic buildings during their operations. Identifying critical academic buildings posing high impacts calls for methodologies that can holistically assess the environmental performance of buildings with respect to water and energy consumption, and GHG emission. This study proposes a fuzzy clustering approach to classify academic buildings in an HEI and benchmark their environmental performance in terms of water, energy, and carbon flows. To account for the fuzzy uncertainties in partitioning, the fuzzy c-means algorithm is employed to classify the buildings based on water, energy, and carbon flow indicators. The application of the developed methodology is demonstrated by a case study of 71 academic buildings in the University of British Columbia, Canada. The assessed buildings are grouped into three clusters representing different levels of performances with different degrees of membership. The environmental performance of each cluster is then benchmarked. Based on the results, the environmental performances of academic buildings are holistically determined, and the building clusters associated with low environmental performances are identified for potential improvements. The subsequent benchmark will allow HEIs to compare the impacts of academic building operations and set realistic targets for impact reduction. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
Narrowing the Gaps: Assessment of Logistics Firms’ Information Technology Flexibility for Sustainable Growth
Sustainability 2020, 12(11), 4372; https://doi.org/10.3390/su12114372 - 26 May 2020
Cited by 1 | Viewed by 911
Abstract
In a supply chain management context, the effective management of Information Technology (IT) flexibility has been an issue to be resolved. However, no analytical method that calculates the required and actual level of IT flexibility dimensions has been proposed. This paper aims to [...] Read more.
In a supply chain management context, the effective management of Information Technology (IT) flexibility has been an issue to be resolved. However, no analytical method that calculates the required and actual level of IT flexibility dimensions has been proposed. This paper aims to provide an analytical tool that measures the required and actual levels of IT flexibility dimensions to provide the best value from a logistics firm’s IT flexibility. To do so, we propose a combined Importance‒Performance Analysis (IPA) and Partial Least Squared Structured Equation Modelling (PLS-SEM) method based on a multidimensional IT flexibility model. By comparing industry-level data with client firm data, our method allows for effective identification of a client logistics company’s multiple IT flexibility gaps and indicates where particular management interventions are required. By proposing importance and performance as measurement scales, our research suggests an analytical tool that managers can utilize to assess IT flexibility and identify any gaps that exist between actual and required flexibility levels. This allows managers to effectively address areas that demand further attention. This approach also leads to an improved understanding of how organisations can extract the best value from their investment in IT flexibility to contribute to sustainable growth. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
Sustainability Assessment of Construction Technologies for Large Pipelines on Urban Highways: Scenario Analysis using Fuzzy QFD
Sustainability 2020, 12(7), 2648; https://doi.org/10.3390/su12072648 - 26 Mar 2020
Cited by 1 | Viewed by 965
Abstract
Urban highways users frequently face disruptions due to construction and maintenance of buried infrastructure. In conventional open cut construction, social costs (vehicle operating and traffic delay costs) are generally high at work zone construction areas (WZCA). Municipalities also bear additional costs due to [...] Read more.
Urban highways users frequently face disruptions due to construction and maintenance of buried infrastructure. In conventional open cut construction, social costs (vehicle operating and traffic delay costs) are generally high at work zone construction areas (WZCA). Municipalities also bear additional costs due to early maintenance of alternate routes, i.e., non-work zone construction area (NWZCA). Besides, work zone and non-work zone areas together experience significant potential socio-economic and environment impacts. In addition to minimal disturbance to existing socioenvironmental setting and user cost savings, trenchless construction result in agency cost savings by avoiding early maintenance at NWZCA. Past studies primarily focused on social costs associated to WZCA. In present research, a sustainability assessment framework has been developed that includes agency and user costs at both the work zone and non-work zone area. The framework evaluates various traffic detoured scenarios (for open cut construction) and trenchless technology scenario based on all three dimensions of sustainability. Fuzzy Quality Function Deployment (Fuzzy QFD) method has been used to incorporate the interaction between the agency’s sustainability objectives and public expectations for large-sized pipeline construction projects in urban areas. The framework effectively handles the uncertainties associated to data limitations and vagueness in expert opinion for subjective assessment criteria. To evaluate the pragmatism of proposed framework, it was applied on the case of a storm sewer construction project in Qassim Region, Saudi Arabia. Trenchless technology was found to be the most sustainable construction scenario followed by the open cut scenario with 50% traffic detoured to NWCA. The proposed methodology is also sought to enhance decision making process pertaining to the viability of trenchless technologies in KSA and elsewhere. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Article
Green Supply Chain Performance Prediction Using a Bayesian Belief Network
Sustainability 2020, 12(3), 1101; https://doi.org/10.3390/su12031101 - 04 Feb 2020
Cited by 6 | Viewed by 1472
Abstract
Green supply chain management (GSCM) has emerged as an important issue to lessen the impact of supply chain activities on the natural environment, as well as reduce waste and achieve sustainable growth of a company. To understand the effectiveness of GSCM, performance measurement [...] Read more.
Green supply chain management (GSCM) has emerged as an important issue to lessen the impact of supply chain activities on the natural environment, as well as reduce waste and achieve sustainable growth of a company. To understand the effectiveness of GSCM, performance measurement of GSCM is a must. Monitoring and predicting green supply chain performance can result in improved decision-making capability for managers and decision-makers to achieve sustainable competitive advantage. This paper identifies and analyzes various green supply chain performance measures and indicators. A probabilistic model is proposed based on a Bayesian belief network (BBN) for predicting green supply chain performance. Eleven green supply chain performance indicators and two green supply chain performance measures are identified through an extensive literature review. Using a real-world case study of a manufacturing industry, the methodology of this model is illustrated. Sensitivity analysis is also performed to examine the relative sensitivity of green supply chain performance to each of the performance indicators. The outcome of this research is expected to help managers and practitioners of GSCM improve their decision-making capability, which ultimately results in improved overall organizational performance. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Review

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Review
Sustainable Supply Chain Management and Multi-Criteria Decision-Making Methods: A Systematic Review
Sustainability 2021, 13(13), 7104; https://doi.org/10.3390/su13137104 - 24 Jun 2021
Cited by 5 | Viewed by 840
Abstract
Multi-criteria decision-making (MCDM) methods are smart tools to deal with numerous criteria in decision-making. These methods have been widely applied in the area of sustainable supply chain management (SSCM) because of their computational capabilities. This paper conducts a systematic literature review on MCDM [...] Read more.
Multi-criteria decision-making (MCDM) methods are smart tools to deal with numerous criteria in decision-making. These methods have been widely applied in the area of sustainable supply chain management (SSCM) because of their computational capabilities. This paper conducts a systematic literature review on MCDM methods applied in different areas of SSCM. From the literature search, a total of 106 published journal articles have been selected and analyzed. Both individual and integrated MCDM methods applied in SSCM are reviewed and summarized. In addition, contributions, methodological focuses, and findings of the reviewed articles are discussed. It is observed that MCDM methods are widely used for analyzing barriers, challenges, drivers, enablers, criteria, performances, and practices of SSCM. In recent years, studies have focused on integrating more than one MCDM method to highlight methodological contributions in SSCM; however, in the literature, limited research papers integrate multiple MCDM methods in the area of SSCM. Most of the published articles integrate only two MCDM methods, and integration with other methods, such as optimization and simulation techniques, is missing in the literature. This review paper contributes to the literature by analyzing existing research, identifying research gaps, and proposing new future research opportunities in the area of sustainable supply chain management applying MCDM methods. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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Review
Shipping Bunker Cost Risk Assessment and Management during the Coronavirus Oil Shock
Sustainability 2021, 13(9), 4998; https://doi.org/10.3390/su13094998 - 29 Apr 2021
Cited by 1 | Viewed by 586
Abstract
This research explores ways to develop a risk management strategy that enables shipping companies to reduce unnecessary fuel cost risks, fuel price fluctuations and improve financial management. Through the Monte Carlo method, the study makes use of the simulation of the conditional value-at-risk [...] Read more.
This research explores ways to develop a risk management strategy that enables shipping companies to reduce unnecessary fuel cost risks, fuel price fluctuations and improve financial management. Through the Monte Carlo method, the study makes use of the simulation of the conditional value-at-risk (CVaR) model. First, the VaR of various shipping-fuel-cost combination over a ten-year period is simulated. Then, through the most appropriate probability distribution test, it is found that most of the VaR of shipping fuel cost combination are in Beta–Arcsine distribution. In other words, the high-frequency data are concentrated at both tails (minimum and maximum) with high volatility. Therefore, the best strategy is to install scrubbers on existing ships to purify their exhaust gas and choose natural gas-based marine fuel for new ships. This will benefit the shipping companies significantly more compared to the use of low-sulfur fuel and choosing forward bunker agreements. Bunker swaps and options of bunker prices to hedging the risk of bunker cost raised in the end of Coronavirus oil shock, the strategy could help achieve the goal of risk management in the sustainable supply chain. Full article
(This article belongs to the Special Issue Sustainable Assessment in Supply Chain and Infrastructure Management)
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