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PurposeRisk assessment is a very important step toward managing risks in various organizations and industries. One of the most extensively applied risk assessment techniques is failure mode and effects analysis (FMEA). In this paper, a novel fuzzy multiple-criteria decision-making (MCDM)-based FMEA model is proposed for assessing the risks of different failure modes more accurately.Design/methodology/approachIn this model, the weight of each failure mode is considered instead of risk priority number (RPN). Additionally, three criteria of time, cost and profit are added to the three previous risk factors of occurrence (O), severity (S) and detection (D). Furthermore, the weights of the mentioned criteria and the priority weights of the decision-makers calculated by modified fuzzy AHP and fuzzy weighted MULTIMOORA methods, respectively, are considered in the proposed model. A new ranking method of fuzzy numbers is also utilized in both proposed fuzzy MCDM methods.FindingsTo show the capability and usefulness of the suggested fuzzy MCDM-based FMEA model, Kerman Steel Industries Factory is considered as a case study. Moreover, a sensitivity analysis is conducted for validating the achieved results. Findings indicate that the proposed model is a beneficial and applicable tool for risk assessment.Originality/valueTo the best of authors’ knowledge, no research has considered the weights of failure modes, the weights of risk factors and the priority weights of decision-makers simultaneously in the FMEA method.

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This paper presents an integration of balanced score card (BSE) with two-stage data envelopment analysis (DEA). The proposed model of this paper uses different financial and non-financial perspectives to evaluate the performance of decision making units in different BSC stages. At each stage, a two-stage DEA method is implemented to measure the relative efficiency of decision making units and the results are monitored using the cause and effect relationships. An empirical study for a banking sector is also performed using the method developed in this paper and the results are briefly analyzed.