Literature survey on vulnerabilities and challenges of supply chain and the role of stress test in counteracting critical vulnerabilities

Literature Survey

Table of Contents
Project Definition........................................................................................................................................3
Background of the study..........................................................................................................................3
Research Questions.................................................................................................................................3
Scope of the study:..................................................................................................................................3
Theme1: To evaluate about the key vulnerability and challenges that tend to exist within the supply
chain........................................................................................................................................................4
Theme 2: To identify and evaluate about the areas where the resilience with a specific set of supply
chain is tend to lacking and developing a beast practice within a specific chain (TBA)..........................5
Theme 3: To identify and critically analyze the existing set of stress tests for the supply chains
developing a robust system for understanding the vulnerabilities within existing supply chain..............7
Theme 4: Analyze how stress testing supply chain tend to counteract critical vulnerabilities.................9
Methodology and resources......................................................................................................................10
Research Type:......................................................................................................................................10
Search strategy:.....................................................................................................................................10
Search terms:.........................................................................................................................................10
Inclusion and exclusion criteria in research:..........................................................................................10
Project plan and risk assessment:..............................................................................................................10
Gantt Chart............................................................................................................................................11
References.................................................................................................................................................11

Project Definition
Background of the study
Supply chain has become a crucial part of each and every company. To ensure future success, it
is important to maintain effectiveness in supply chain. However, it is quite difficult to maintain
continuous efficiency in supply chain. The business managers have to face ample of challeneges
in terms of material scarcity, increasing freight expenses and more during the supply chain
management. The project is about vulnerabilities and challenges of supply chain. Further, there is
discussion regarding the role of stress test in counteract to critical vulnerabilities efficiently.
Research Questions
 What are the key vulnerabilities and challenges that tend to exist within the supply chain?
 What are the areas where the resilience within in a specific set of supply chain is tend to
lacking and developing a beast practice within a specific chain (TBD)?
 Discuss existing set of the stress tests for the supply chains developing a robust system
for understanding the vulnerabilities within existing supply chains?
 How the Stress testing supply chain tend to counteract critical vulnerabilities?
Scope of the study:
The scope of the current studty is wide as it is useful in terms of identifying different aspects
related to challenges and vulnerabilities of supply chain within organization. The present study
will cover vulnerabilities that are faced by the company during supply chain management. Along
with this, it will also include stress testing to control the impact of vulnerabilities effectively.
Literature Review
The literature review refers the opinion, thoughts of other authors. Basically, literature review
provided the necessary information to the researcher in order to complete a project on a specific
topic. It is helpful in gaining detailed insights and knowledge regarding a research topic so that
the project can be completed successfully. In context of present research, the literature review
has been collected regarding the supply chain vulnerabilities and challenges.

Theme1: To evaluate about the key vulnerability and challenges that tend to exist within the
supply chain
According to Wamba and Queiroz, (2020), supply chain refers to the network of different
individuals, resources as well as organizations, technologies in the production and sale of a
product. Supply chain vulnerability can be understood as the disruption which arise through risks
within the supply chain and risk caused from the external environment to supply chain. In supply
chain, there are several risks present which are likely to affect the business operations of a
company.
In the present era, supply chain has become a crucial part of each and every company. To
ensure future success, it is important to maintain effectiveness in supply chain. However, it is
quite difficult to maintain continuous efficiency in supply chain. In this context, the major
challenges of supply chain are mentioned below:
Material Scarcity: Insufficient raw material is the major challenge of supply chain since
the COVID-19 pandemic. Due to unexpected rise in consumer demand, the demand of raw
material as well as finished products has also been increased. Even, the retailers as well as
suppliers are still struggling to fulfill the demand of customers in significant manner (Future of
supply chain: challenges, trends & tips for 2022). It is analyzed that the shortage of basic
material is increasing day by day which is also causing difficulties across the industries.
Increasing freight prices: Need of container shipping has been enhanced throughout the
pandemic. Due to the worldwide lockdown, the demand of products has been increased.
However, the production of products does not enhanced at the same level. This demand was
highly sustainable (Luthra and Mangla, 2018). But, it was not possible to match the level of
demand due to unprecedented shortage and empty container. This scarcity will lead towards rise
in the overall pricing that will create challenge for the overall supply chain management.
Difficult demand forecasting: It is highly difficult to anticipate the demand at the time
of global pandemic. The COVID-19 pandemic has shattered the forecast for retailers and
suppliers of products and services. The challenge has also become severe when it comes to make
the prediction regarding demand and needs of customers through data driven research.