Failure mode and effects analysis is an effective and powerful risk evaluation technique in the field of risk management, and it has been extensively used in various industries for identifying and decreasing known and potential failure modes in systems, processes, products, and services. Traditionally, a risk priority number is applied to capture the ranking order of failure modes in failure mode and effects analysis. However, this method has several drawbacks and deficiencies, which need to be improved for enhancing its application capability. For instance, this method ignores the consensus-reaching process and the correlations among the experts' preferences. Therefore, the aim of this study was to present a new risk priority method to determine the risk priority of failure modes under an interval-valued Pythagorean fuzzy environment, which combines the extended Geometric Bonferroni mean operator, a consensus-reaching process, and an improved Multi-Attributive Border Approximation area Comparison approach. Finally, a case study concerning product development is described to demonstrate the feasibility and effectiveness of the proposed method. The results show that the risk priority of failure modes obtained by the proposed method is more reasonable in practical application compared with other failure mode and effects analysis methods.Algorithms 2018, 11, 34 2 of 24 of limitations. Numerous alternative methods have been presented in the literature to handle some of these drawbacks [2], which could explain why focusing on these shortcomings can improve the performance of traditional FMEA. However, many practical application cases have suggested that the ranking results determined by these alternative methods are not reliable and suffer from drawbacks in some situations. The main reasons are the assumption that the experts' preferences are independent and the team of experts have reached a consensus before aggregating the experts' preferences. Therefore, it is worth studying the problem of how to determine effectively the risk priority of failure modes without considering these two assumptions.It is very important for an FMEA team to adopt a suitable aggregation method to aggregate the experts' preferences into a collective evaluation matrix before determining the failure modes ranking. Many aggregation methods that assume that experts' preferences are independent have been applied to aggregate the experts' preferences. In practice, the FMEA team experts come from different departments or industries, and their subjective preferences, which are often influenced by social, power, knowledge, and other factors, usually indicate some interdependent characteristics. On the one hand, the geometric Bonferroni mean (GBM) initially proposed by Xia et al. [9] is an efficient operator to deal with the aggregation of interdependent arguments. The GBM operator has a prominent characteristic that can easily capture the interrelationships among input arguments [9]. Therefore, it is significant to integrate the experts' preferences...