Submit a Manuscript to the Journal

International Journal of Management Science and Engineering Management

For a Special Issue on

Applied Data Science in Business and Industry for Commodity Risk Management

Manuscript deadline
24 December 2023

Cover image - International Journal of Management Science and Engineering Management

Special Issue Editor(s)

Dr. David Xuefeng Shao, Newcastle Business School, The University of Newcastle
[email protected]

Dr. Yi Li, Sydney Business School, The University of Sydney
[email protected]

Dr. Shah J Miah, The University of Newcastle,
[email protected]

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Applied Data Science in Business and Industry for Commodity Risk Management

Commodity price risk seems to be the financial liability to an institution’s economic profitability associated with price fluctuations of commodity markets determined mainly by exterior market mechanisms. Commodity price volatility poses substantial business difficulties, affecting manufacturing costs, pricing policies, revenues, and credit availability. Due to market fluctuation, businesses must mitigate the impacts of price volatility throughout their supply chain to manage their financial competitiveness and productivity properly. Primarily, commodity risk management entails mitigating ambiguity by attempting to control variables within one’s control, as the accomplishment of such an unforeseen outcome would be impossible to determine. On the other hand, the risk management process can be costly, establishing and handling a crisis management workforce, determining the market’s transparency risk, and reimbursing a subscription fee for financial derivative products. To handle commodity risks efficiently, possessing the appropriate risk management framework in place, including the appropriate person and techniques, provides a visual representation of the enterprise’s condition and the consequences of investments in shares.

Commodity Risk Management can be defined and understood effectively thru the application of data science. The industry is being transformed by applied data science. The capability to accomplish and assess massive data sets seems to be critical to the business model of specific business organizations. Even for other businesses, the objective is to supplement information from the data, such as consumer data, which can provide critical comparative advantages. As a result, individuals with competencies and understanding of applied data science seem to be in limited supply. Data science is still a compelling, observable, and widely recognized tag for critical thinking that uses ever-growing, massive datasets, and new information repositories. Analyzing and interpreting such categories of information requires a comprehensive transformation of statistical techniques and developing new ones for particular data science application domains.

Continued investment in high-priced information software would yield no outcomes until and unless the information is captured to yield actionable intelligence. Such observations help determine one’s business’s present position, market dynamics, possibilities, complexities, etc. Besides, third-party information providers generate a piece of specific information as a service framework. Businesses could indeed utilize this information as part of the operational mechanisms. Augmented analytics is now a data analytics phenomenon that leverages artificial intelligence, pattern recognition, and natural language processing to facilitate the evaluation of vast amounts of information. Whatever was previously handled by either a data science is still done automatically to implement insightful information. Primarily, augmented data management enables influential metadata to optimize and integrate architectures and enhance the automation of duplicate data managerial activities. As Big Data optimization progresses, automation inside a diversity of social fields would become more feasible, minimizing assignment loads and enabling the creation of AI-human configurations of anthropogenic activities.