Key points are not available for this paper at this time.
Traditionally economists in earlier and middle of 20th century discussed about risks and uncertainty and related to theory of profits. Though risk is assumed to be predictable, measurable and insurable, uncertainty has subjectivity and largely remained “unknown” in statistical sense. Applications of mathematical and statistical techniques to risk definition, measurement and control through measurement of variability of outcomes and relate it with financial and corporate performance were popular in financial literature. Adoption of risk perspectives in supply network assumed greater importance with globalisation of business and movement of production to eastern part of the globe. Initially, supply risk was limited to upstream part of supply chain network and totality approach to supply chain risk gained more importance over the years. Happening of major disruptions across the globe due to terror attacks, geo-political changes, natural disasters like swine flu and Tsunami led to application of supply chain risk and uncertainties. There were discussions on an event based outcomes were considered uncertain event but raised debates about risk, uncertainty and return management. In this paper, authors have considered recent torrential rains and flooding at Chennai leading to disaster have been analysed for understanding managerial perspectives.
Chandrasekaran et al. (Sun,) studied this question.