Total risk evaluation framework

Kosztyán, Zsolt Tibor; Csizmadia, Tibor; Kovács, Zoltán; Mihálcz, István

doi:10.1108/ijqrm-05-2019-0167

Cited by 10 publications

(5 citation statements)

References 70 publications

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“…Although many criticisms expressed that different combinations of o, s, and d can result in the same RPN while the hidden risk content behind the RPN is different [21][22][23][24][25]47,50,51], the PRISM method solves this problem, since it describes hidden risks with different aggregation functions and visualizes hidden risks via the PRISM pattern. On the other hand, realizing more potentials for the methodology, one development direction can be of the future of applying MCDM methods such as AHP [1,52] or ANP [32] or multilevel methods such as TREF [53] for solving the possible subjective ranking issues of the evaluators. Another major direction in the future can be to describe the nature and applicability of different partial risk maps using different aggregation functions in different submatrices of the map.…”

Section: Discussionmentioning

confidence: 99%

Analysis and Consequences on Some Aggregation Functions of PRISM (Partial Risk Map) Risk Assessment Method

Bognár

Hegedűs

2022

Mathematics

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The PRISM (partial risk map) methodology is a novel risk assessment method developed as the combination of the failure mode and effect analysis and risk matrix risk assessment methods. Based on the concept of partial risks, three different aggregation functions are presented for assessing incident risks. Since the different aggregation functions give different properties to the obtained PRISM numbers and threshold surfaces (convex, concave, linear), the description of these properties is carried out. Similarity analyses based on the sum of ranking differences (SRD) method and rank correlation are performed and robustness tests are applied related to the changes of the assessment scale lengths. The PRISM method provides a solution for the systematically criticized problem of the FMEA, i.e., it is not able to deal with hidden risks behind the aggregated RPN number, while the method results in an expressive tool for risk management. Applying new aggregation functions, proactive assessment can be executed, and predictions can be given related to the incidents based on the nature of their hidden risk. The method can be suggested for safety science environments where human safety, environmental protection, sustainable production, etc., are highly required.

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Section: Discussionmentioning

confidence: 99%

Analysis and Consequences on Some Aggregation Functions of PRISM (Partial Risk Map) Risk Assessment Method

Bognár

Hegedűs

2022

Mathematics

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“…The utilization of risk analysis inside the supply chain is not as prevalent as it ideally should be, primarily due to a lack of competence among purchasing, procurement, and logistics managers, as stated in the preceding chapter. The risk assessment framework, known as [33], has undergone an expansion to incorporate a fuzzy module. This addition has been implemented to effectively address the issue at hand.…”

Section: Risk Aggregation Functionsmentioning

confidence: 99%

“…Alternatively, they attempted to integrate FMEA with AHP, ANP, TOPSIS, or other methodologies, frequently employing Fuzzy logic. Combining the aforementioned, the TREF method was developed [33,34] in response to these articles. TREF now was expanded to include a Fuzzy-FMEA function with multiple factors.…”

Section: Introductionmentioning

confidence: 99%

REFS-A Risk Evaluation Framework on Supply Chain

Mihálcz,

Kosztyán

2024

Mathematics

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Large, powerful corporations were formerly solely and exclusively responsible for supplies, manufacturing, and distribution; however, the supply chain has undergone significant transformations over the last half-century. Almost all supply chain processes are currently outsourced, owing to the initiatives of cutting-edge, contemporary businesses. According to a compilation of studies, analysts, and news sources, the level of risk associated with modern supply chains is considerably higher than the majority of supply chain managers believe. Supply chain vulnerabilities continue to pose a substantial obstacle for a great number of organizations. Neglecting to adequately address these risks—encompassing natural disasters, cyber assaults, acts of terrorism, the credit crisis, pandemic scenarios, and war—could result in substantial reductions in metrics such as profitability, productivity, revenue, and competitive advantage. Unresolved concerns persist with respect to the risk assessment of the supply chain. The purpose of this article is to propose a framework for risk evaluation that can be efficiently applied to the evaluation of hazards within the supply chain. This research study significantly enhances the existing knowledge base by offering supply chain managers a pragmatic tool to evaluate their processes, regardless of the mathematical foundations or the variety of variables utilized in risk assessment. The outcomes of multiple aggregation methods are compared using a case study from an automotive EMS production; the conclusions are validated by risk and FMEA specialists from the same factory.

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“…The utilization of risk analysis inside the supply chain is not as prevalent as it ideally should be, primarily due to a lack of competence among purchasing, procurement, and logistics managers, as evidenced in the preceding chapter. The risk assessment framework, known as [29], has undergone an 5 of 20 expansion to incorporate a fuzzy module. This addition has been implemented to effectively address the issue at hand.…”

Section: = Aggregation Of Fuzzy Membership Functions Based On Rule Basementioning

confidence: 99%

“…The paper examines supplementary aggregation methodologies for situations involving numerous components, beyond three in number, by building upon the widely adopted FMEA as a foundational framework. Additionally, this study conducts a comparative examination of several risk analysis methodologies within the context of the flexible TREF-based risk evaluation framework ( [29,30]). The framework is further enhanced by incorporating the Fuzzy-FMEA approach, and the techniques are subsequently ranked using the TOPSIS method.…”

Section: Introductionmentioning

confidence: 99%

REFS - A Risk Evaluation Framework on Supply Chain

Mihalcz

2023

Preprint

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In contrast to its traditional form, in which large, powerful companies were solely and exclusively responsible for supplies, manufacturing, and distribution, the supply chain has undergone substantial change over the past half-century. Today, nearly all supply chain processes are outsourced, thanks to the efforts of innovative, modern companies. The degree of risk associated with contemporary supply chains is greater than the majority of supply chain managers acknowledge, according to an accumulation of studies, analysts, and news outlets. Vulnerabilities within the supply chain remain a significant challenge for numerous organizations. Inadequate management of these risks—which include, but are not limited to, natural disasters, acts of terrorism, cyber assaults, the credit crisis, pandemic scenarios, and war—could lead to significant declines in profitability, productivity, revenue, competitive advantage, and other metrics. Concerns regarding the risk assessment of the supply chain remain unresolved. The objective of this article is to present a risk evaluation framework that can be effectively implemented in the assessment of supply chain risks. This study makes a fundamental contribution to the body of knowledge by providing supply chain managers with a practical instrument for assessing their processes, irrespective of the mathematical underpinnings or the diverse variables employed in risk assessment. A case study from an automotive EMS production is used to compare the outcomes of multiple aggregation methods; the conclusions are then validated by risk and FMEA specialists from the same factory.

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Total risk evaluation framework

Cited by 10 publications

References 70 publications

Analysis and Consequences on Some Aggregation Functions of PRISM (Partial Risk Map) Risk Assessment Method

Analysis and Consequences on Some Aggregation Functions of PRISM (Partial Risk Map) Risk Assessment Method

REFS-A Risk Evaluation Framework on Supply Chain

REFS - A Risk Evaluation Framework on Supply Chain

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