Ranking of Risk-Mitigation Strategies of Inventory Apprehended in Cement Industry to Foster Panache Supply Chain

Abstract

Inventory is of paramount importance when we talk of any businesses as the business laurels depends upon the apt inventory holdings. The proper supply of inventory keeps the business and the economy working as inventory only decides the business success or failure. Inventory no doubt is imperative in business, but it’s not free from numerous risks. The present research paper exaggerates some of the Risk-Mitigation Strategies adopted by cement industry with the collection of primary data obtained from eight small-scale cement firms functioning in SIDCO & SICOP, registered under DIC (District Industries Center) in District Udhampur of Jammu & Kashmir State. The key Risk-Mitigation Strategies adopted by these small-scale cements firms are “Safety Stock”, “Accurate Forecasting”, “Collaboration with Customers”, and “Transportation Advantages”. The results of the ranking table revealed that the variable “Safety Stock” scored the highest mean rank, as it seems to be the basic strategy adopted in order to cure inventories and derive profits out of apt inventory holdings. The factor “Accurate Forecasting” received second rank. Subsequently, the variable “Collaboration with Customers” emerged with rank three as it can mitigate the risk successfully and finally the variable “Transportation Advantages” contoured with forth rank.

Keywords: Inventory, Risk, Control, Mitigation, Cement industry, SSI’s (Small-scale Industries)

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