A framework for risk assessment, management and evaluation: Economic tool for quantifying risks in supply chain

Nowadays risks become a critical part in our life since they are involved in everything we do and participate. Some people do not want to do anything which associated with risk and others flourish on risk. In both types of people, they must relieve their risk through utilizing safety measures such as flame retardant suits and helmets for race car drivers, and safety ropes for rock climbers. All risks can be minimized to a manageable level by employing the proper mitigation strategy. In supply chain, the decisionmaking process contains risks which can be influential on the company’s progress in introducing a new product, expanding in various markets, and outsourcing manufacturing operations.