An ITARA-TOPSIS Based Integrated Assessment Model to Identify Potential Product and System Risks

Abstract

This is a forward-looking approach that uses a multiple-criteria decision analysis (MCDA) model as an assessment tool for risk identification. This study proposes an indifference threshold-based attribute ratio analysis and technique for order preference by similarity to an ideal solution (ITARA-TOPSIS)-based assessment model to identify critical failure modes in products and systems. The improved indifference threshold-based attribute ratio analysis (ITARA) method can generate more reliable weights for risk factors. In addition, the modified technique for order preference by similarity to an ideal solution (TOPSIS) is used to obtain the risk levels of the failure modes. The gray correlation coefficient is applied to replace the conventional Euclidean distance, and a new index is used to determine the priority of failure modes. The determination of risk factors is based on the failure mode and effect analysis (FMEA) theory, including severity, occurrence, and detection. An important indicator, the expected cost, is also included in the framework. The case of a steam turbine for a nuclear power plant is used to demonstrate the approach, and the analysis results show that the proposed model is practical and effective. Moreover, the advantages of our integrated model are illustrated through model comparisons and sensitivity analysis. This paper can help decision-makers, risk engineers, and related researchers to better understand how a systematic risk assessment can be conducted.

An Assessment Model for Wealth Management Banks Based on the Fuzzy Evaluation Method

“…The field of wealth management bank evaluation remains relatively new, though it has developed rapidly over the last decade [112][113][114][115][116][117][118]. The MCDM approach, particularly the fuzzy TOPSIS, was used to develop a survey to assess and determine the most appropriate wealth management bank.…”

Locating a disinfection facility for hazardous healthcare waste in the COVID-19 era: a novel approach based on Fermatean fuzzy ITARA-MARCOS and random forest recursive feature elimination algorithm

“…Moreover, it innovatively utilizes the concept of the indifference threshold. The ITARA method has been applied for criteria importance determination in a few MCDM problems, such as material selection (Sofuoglu, 2019), power grid dispatching (Du et al, 2020), water allocation management (Elshaboury et al, 2020), logistics equipment selection (Ulutaş et al, 2020), supplier selection (Chang et al, 2021), and risk assessment (Lo et al, 2021). Therefore, this unique method has not been applied for determining criteria importance in any WM problem.…”

Waste Clothing Recycling Channel Selection Using a CoCoSo-D Method Based on Sine Trigonometric Interaction Operational Laws with Pythagorean Fuzzy Information

“…To select stackers in logistics systems, the ITRATA and MARCOS (Measurement of alternatives and Ranking according to compromise solution) were integrated by Ulutas et al [58]. The improved ITARA approach was utilized by Lo et al [59] to determine reliable weights. To assess e-learning websites, the ITARA approach was extended with linguistic hesitation fuzzy sets by Gong et al [60].…”