Multi Criteria Decision Making for Fresh Mango Supply Chain Risk Management: An ISM & TOPSIS-Based approach
Keywords:Risk Management, Mitigation strategy, ISM, TOPSIS, Sustainability, Waste minimization, Fresh Mango supply chain
In Bangladesh, Mango is one of the most demandable fruits as well as called the "King of Fruits" for its exceptional taste and Nutrients. Mango is a perishable fruit that ripens quickly at room temperature. As a result, there are many risks associated with the Fresh Mango Supply Chain (FMSC). The primary goal of our research is to reduce potential mango waste by assessing risk factors and then implementing and evaluating mitigation techniques. Based on the literature review on risk management, several surveys and interviews were carried out to find potential risks and mitigation strategies. ISM (Iterative Structural Model) and TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) methodologies were applied to assess risks and mitigation strategies, respectively. Both methodologies are very effective MCDM (Multi-Criteria-Decision-Making) analysis techniques. Implementing the proposed risk management framework can help minimize the wastage of mangoes by approximately 15%. This would result in significant economic benefits for growers, shippers, and retailers, and it would also help to maximize the overall sustainability of the mango supply chain. The results indicate that mitigation strategies can significantly reduce wastage and will add value to FMSC. On this basis, by analyzing risk and applying these strategies, firms can earn profit and provide better customer satisfaction, as it will enhance supply chain sustainability and resilience by proactively identifying and addressing potential risks and increasing Bangladesh's economic growth. Minimizing waste eventually obtains the sustainability of a supply chain.