Reference no: EM133222201

The company has a few alternatives for minimizing the dangers brought on by the global supply chain. Supply chain managers must first prioritize risks based on cost and timing. Which risks, in other words, can be quickly addressed soon with little expense, and which ones will demand more time and money to implement? Long-term planning allocates more resources but deals with more significant problems, whereas short-term planning gives resources to tasks that can be completed quickly. Second, supply managers must be more purposeful and proactive than reactive. This requires working with other supply chain actors to develop and implement a successful risk management strategy. As a result, management will be better prepared to anticipate issues and bounce back from any disturbances that may still occur more rapidly. The case study indicates that the primary cause why most manufacturers and suppliers are reluctant to engage in CSR compliance is that they are unaware of the business and social benefits connected with the significant efforts required to meet international criteria (Tencati, et al., 2010).  "Corporate Social Responsibility" (CSR). CSR is a form of self-regulation where corporate measures and guidelines are designed to help companies create positive social impacts - on their environment, stakeholders, and consumers. Therefore, universal education must be accomplished before any form of cultural change. While physical spaces, courses, technology, and student services are often designed for the average student, the practice of universal design in education (UDE) considers people's diverse characteristics in the design of all formal and informal education products and environments. The supply chain's participants may maybe gain from it in the future.

Thanks for your post, and as we have learned in this class, collaboration with third parties like suppliers and governments can be a crucial element of sustainability. In this week's readings, we learned about five common types of risk management strategies (Grant et al., 2017):

1. Accept the risk (e.g., don't accomplish anything, just absorb the loss).
2. Buy insurance to offset losses (e.g., buy theft insurance that covers if the shipment is stolen)
3. Invest in measures that can reduce losses (e.g., have a backup supplier that can pick up if one fails)
4. Prepare for recovery plans considering the breakdown (e.g., store surplus supplies if a supplier breaks down to maintain the business until the issue can be resolved).
5. Invest in ways to avoid the risk (e.g., change to a different supplier)

Based on what you learned, which of the common strategies does your suggested strategy, "Outsourcing from different countries," best align? Why?