Risk evaluation and mitigation of sustainable road freight transport operation: a case of trucking industry

Abstract

Road freight transportation sustainability is gaining increasing importance due to an ever-increasing freight movement, globalisation and operational flexibility. The transport managers across the globe are finding it difficult to manage the increasing risks in its operation and implementation of risk-mitigation strategies under economical sustainability. However, very few literatures have examined the impact of sustainable risk management practices on road freight transportation. Our study addresses this important gap in the literature by proposing an integrated fuzzy failure mode and effects analysis (FMEA) approach in the selection of risk-mitigation strategy on the trucking industry. Our findings direct to the managers that risk-mitigation strategies must be selected considering the criticality of risks along with the limited budget. In addition, we find that considering subjective evaluations of expert’s judgment and cost benefit justification gives a convincing outcome while calculating of risk-mitigation number in FMEA approach. Proposed approach provides supportive guidelines to the manager to improve the decision-making process.

Keywords:

• sustainable road freight transportation
• risk-mitigation strategy
• FMEA
• modified risk-mitigation matrix
• budget allocation

Disclosure statement

No potential conflict of interest was reported by the authors.

Notes

1. Dushyant Thatte and Sandeep Bhatt https://www.isixsigma.com/tools-templates/fmea/supplement-fmea-with-a-risk-priority-matrix-for-better-results/.