A novel approach to emergency risk assessment using FMEA with extended MULTIMOORA method under interval-valued Pythagorean fuzzy environment

2020 ◽  
Vol 13 (1) ◽  
pp. 41-65 ◽  
Author(s):  
Huimin Li ◽  
Lelin Lv ◽  
Feng Li ◽  
Lunyan Wang ◽  
Qing Xia
Keyword(s):  
Risk Management ◽  
Reference Value ◽  
Weighted Averaging ◽  
Illustrative Case ◽  
Content Type ◽  
Fuzzy Environment ◽  
Novel Approach ◽  
Interval Valued ◽  
Multimoora Method ◽  
Interval Value

PurposeThe application of the traditional failure mode and effects analysis (FMEA) technique has been widely questioned in evaluation information, risk factor weights and robustness of results. This paper develops a novel FMEA framework with extended MULTIMOORA method under interval-valued Pythagorean fuzzy environment to solve these problems.Design/methodology/approachThis paper introduces innovatively interval-value Pythagorean fuzzy weighted averaging (IVPFWA) operator, Tchebycheff metric distance and interval-value Pythagorean fuzzy weighted geometric (IVPFWG) operator into the MULTIMOORA submethods to obtain the risk ranking order for emergencies. Finally, an illustrative case is provided to demonstrate the practicality and feasibility of the novel fuzzy FMEA framework.FindingsThe feasibility and validity of the proposed method are verified by comparing with the existing methods. The calculation results indicate that the proposed method is more consistent with the actual situation of project and has more reference value.Practical implicationsThe research results can provide supporting information for risk management decisions and offer decision-making basis for formulation of the follow-up emergency control and disposal scheme, which has certain guiding significance for the practical popularization and application of risk management strategies in the infrastructure projects.Originality/valueA novel approach using FMEA with extended MULTIMOORA method is developed under IVPF environment, which considers weights of risk factors and experts. The method proposed has significantly improved the integrity of information in expert evaluation and the robustness of results.

scholarly journals Failure Mode and Effect Analysis (FMEA) with Extended MULTIMOORA Method Based on Interval-Valued Intuitionistic Fuzzy Set: Application in Operational Risk Evaluation for Infrastructure

Information ◽  
2019 ◽  
Vol 10 (10) ◽  
pp. 313 ◽  
Author(s):  
Lelin Lv ◽  
Huimin Li ◽  
Lunyan Wang ◽  
Qing Xia ◽  
Li Ji
Keyword(s):  
Failure Mode ◽  
Risk Evaluation ◽  
Failure Modes ◽  
Water Diversion ◽  
Weighted Averaging ◽  
Effect Analysis ◽  
Intuitionistic Fuzzy ◽  
Interval Valued ◽  
Multimoora Method ◽  
Evaluation Information

Failure Mode and Effect Analysis (FMEA) is a useful risk assessment tool used to identify, evaluate, and eliminate potential failure modes in numerous fields to improve security and reliability. Risk evaluation is a crucial step in FMEA and the Risk Priority Number (RPN) is a classical method for risk evaluation. However, the traditional RPN method has deficiencies in evaluation information, risk factor weights, robustness of results, etc. To overcome these shortcomings, this paper aims to develop a new risk evaluation in FMEA method. First, this paper converts linguistic evaluation information into corresponding interval-valued intuitionistic fuzzy numbers (IVIFNs) to effectively address the uncertainty and vagueness of the information. Next, different priorities are assigned to experts using the interval-valued intuitionistic fuzzy priority weight average (IVIFPWA) operator to solve the problem of expert weight. Then, the weights of risk factors are subjectively and objectively determined using the expert evaluation method and the deviation maximization model method. Finally, the paper innovatively introduces the interval-valued intuitionistic fuzzy weighted averaging (IVIFWA) operator, Tchebycheff Metric distance, and the interval-valued intuitionistic fuzzy weighted geometric (IVIFWG) operator into the ratio system, the reference point method, and the full multiplication form of MULTIMOORA sub-methods to optimize the information aggregation process of FMEA. The extended IVIF-MULTIMOORA method is proposed to obtain the risk ranking order of failure modes, which will help in obtaining more reasonable and practical results and in improving the robustness of results. The case of the Middle Route of the South-to-North Water Diversion Project’s operation risk is used to demonstrate the application and effectiveness of the proposed FMEA framework.

Business process nature assessment matrix – a novel approach to the assessment of business process nature

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Justyna Berniak-Woźny ◽  
Marek Szelągowski
Keyword(s):  
Case Studies ◽  
Business Process ◽  
Business Processes ◽  
Objective Assessment ◽  
Point Of View ◽  
Illustrative Case ◽  
Content Type ◽  
Novel Approach ◽  
Assessment Approach ◽  
Assessment Matrix

PurposeThe purpose of this study is to give an in-depth understanding of the nature of business processes (BPs) from the perspective of their dynamism and knowledge intensity that will allow for their correct classification and provide practical and useful implications for their more relevant and effective management. A simple and low labor-intensive BP nature assessment approach is proposed that will allow for objective assessment and internal benchmarking of all BPs in a specific context of execution based on their nature.Design/methodology/approachThe research is divided into two parts. The first comprises a systematic literature review (SLR) based on the resources of the ProQuest, Springer Nature and ScienceDirect full-text databases and the second includes illustrative case studies.FindingsBuilding on the SLR, the authors identified and reviewed 3,385 articles and defined a set of criteria by which the nature of BPs can be assessed. Further, the authors proposed a BP nature assessment matrix together with complementary questionnaires for the evaluation of process dynamism and knowledge intensity. To demonstrate the logic of this approach, two illustrative case studies were presented.Originality/valueThe article contributes to the theoretical reflection on the nature of BPs in the knowledge economy. From the practical point of view, a novel approach to the assessment of the nature of BPs is offered. The approach is open and as experience is accumulated it will develop according to the data and recommendations collected.

scholarly journals Some Aggregation Operators Based on Einstein Operations under Interval-Valued Dual Hesitant Fuzzy Setting and Their Application

2014 ◽  
Vol 2014 ◽  
pp. 1-21 ◽  
Author(s):  
Wenkai Zhang ◽  
Xia Li ◽  
Yanbing Ju
Keyword(s):  
Multiple Attribute Decision Making ◽  
Aggregation Operators ◽  
Weighted Averaging ◽  
Fuzzy Environment ◽  
Operational Laws ◽  
Operator Interval ◽  
Multiple Attribute ◽  
Einstein Operations ◽  
The Relationship ◽  
Interval Valued

We investigate the multiple attribute decision making (MADM) problems in which attribute values take the form of interval-valued dual hesitant fuzzy information. Firstly, some operational laws for interval-valued dual hesitation fuzzy elements (IVDHFEs) based on Einstein operations are developed. Then we develop some aggregation operators based on Einstein operations: the interval-valued dual hesitant fuzzy Einstein weighted averaging (IVDHFEWA) operator, interval-valued dual hesitant fuzzy Einstein ordered weighted averaging (IVDHFEOWA) operator, interval-valued dual hesitant fuzzy Einstein hybrid averaging (IVDHFEHA) operator, interval-valued dual hesitant fuzzy Einstein weighted geometric (IVDHFEWG) operator, interval-valued dual hesitant fuzzy Einstein ordered weighted geometric (IVDHFEOWG) operator, and interval-valued dual hesitant fuzzy Einstein hybrid geometric (IVDHFEHG) operator. Furthermore, we discuss some desirable properties of these operators, and investigate the relationship between the developed operators and the existing ones. Based on the IVDHFEWA operator, an approach to MADM problems is proposed under the interval-valued dual hesitant fuzzy environment. Finally, a numerical example is given to show the application of the developed method, and a comparison analysis is conducted to demonstrate the effectiveness of the proposed approach.

The determinants of corporate FX speculation – Why firms increase risk

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Andreas Hecht
Keyword(s):  
Risk Management ◽  
Empirical Evidence ◽  
Estimation Errors ◽  
Accounting Data ◽  
Content Type ◽  
Proxy Variables ◽  
Empirically Supported ◽  
Novel Approach ◽  
Before And After ◽  
Data Granularity

PurposeEmpirical evidence on the determinants of corporate FX speculation is ambiguous. We note that the conflicting findings of prior studies could be the result of different methodologies in determining speculation. Using a novel approach to defining speculative activities, we seek to help solve the puzzle of the determinants of speculation and examine which firms engage in such activities and why they do so.Design/methodology/approachThis paper examines an unexplored regulatory environment that contains publicly reported FX risk data on the firms' exposures before and after hedging per year and currency. This unprecedented data granularity allows us to use actual reported volumes instead of proxy variables in defining speculation and to examine whether the convexity theories are empirically supported in FX risk management.FindingsWe find that frequent speculators are smaller, have more growth opportunities and possess lower internal resources, which indicates unprecedented empirical evidence for the convexity theories in FX risk management. Further, we provide evidence that corporate speculation might be linked to the application of hedge accounting.Practical implicationsWe help solve the questions of which and why firms engage in speculative activities. This can provide valuable information to various stakeholders such as financial analysts, investors, or regulators, which can help prevent imperiling corporate losses and curb excessive speculative financial activities.Originality/valueIn order to question the unresolved issue of the determinants of speculation, this paper is the first to use openly available accounting data with actual reported FX exposure information before and after hedging in defining speculation, instead of relying on proxy variables for FX exposure and derivative usage with potential estimation errors.

The four executive challenges of project-based strategy

2018 ◽  
Vol 46 (6) ◽  
pp. 44-49
Author(s):  
Carsten Lund Pedersen ◽  
Thomas Ritter
Keyword(s):  
Illustrative Case ◽  
Strategy Execution ◽  
Strategy Formulation ◽  
Conceptual Approach ◽  
Content Type ◽  
Case Examples ◽  
For Profit ◽  
Governmental Organizations ◽  
Novel Approach ◽  
Practical Implications

Purpose As a great deal of strategy execution takes the form of strategic projects, how you align these projects ultimately determines the success or failure of your strategy. Here, we discuss four executive challenges executives need to tackle to successfully manage a strategy in a project-based world. Design/methodology/approach Conceptual approach entailing illustrative case-examples Findings We find four executive challenges to tackle in order to successfully manage a strategy in a project-based world. Research limitations/implications As the study draws upon conceptual arguments, future studies need to assess the verisimilitude and boundary conditions of the challenges. Practical implications By thinking of a strategy through a project-based lens, and understanding the challenges thereof, executives should be better able to bridge strategy formulation and execution. Social implications A project-based approach to strategy is not necessarily limited to a for-profit sector; NGOs and governmental organizations may similarly learn from and draw upon a project-based approach to strategy. Originality/value As little research within strategy has explicitly conveyed a project-based lens, the study emphasizes a novel approach to strategy.

scholarly journals Heronian Means as Aggregation Operators for Multi-Attribute Decision Making Applications

2018 ◽  
Author(s):  
Xiaopu Shang ◽  
Jun Wang ◽  
Anupam Nanda ◽  
Weizi Li
Keyword(s):  
Decision Making ◽  
Aggregation Operators ◽  
Pythagorean Fuzzy Set ◽  
Intuitionistic Fuzzy Numbers ◽  
Intuitionistic Fuzzy ◽  
Fuzzy Environment ◽  
Novel Approach ◽  
Multi Attribute Decision Making ◽  
Interval Valued ◽  
Heronian Mean

The Pythagorean fuzzy set (PFS), which is characterized by a membership and a non-membership degree and the square sum of them is less or equal to one, can act as an effective tool to express decision makers’ fuzziness and uncertainty. Considering that the Heronian mean (HM) is a powerful aggregation operator which can take the interrelationship between any two arguments, we study the HM in Pythagorean fuzzy environment and propose new operators for aggregating interval-valued Pythagorean fuzzy information. First, we investigate the HM and geometric HM (GHM) under interval-valued intuitionistic fuzzy environment and develop a series of aggregation operators for interval-valued intuitionistic fuzzy numbers (IVIFNs) including interval-valued intuitionistic fuzzy Heronian mean (IVIFHM), interval-valued intuitionistic fuzzy geometric Heronian mean (IVIFGHM), interval-valued intuitionistic fuzzy weighted Heronian mean (IVIFWHM) and interval-valued intuitionistic fuzzy weighted geometric Heronian mean (IVIFWGHM). Second, some desirable and important properties of these aggregation operators are discussed. Third, based on these aggregation operators, a novel approach to multi-attribute decision making (MADM) is proposed. Finally, to demonstrate the validity of the approach, a numerical example is provided and discussed. Moreover, we discuss several real-world applications of these operators within policy-making contexts.

scholarly journals Complex T-Spherical Fuzzy Aggregation Operators with Application to Multi-Attribute Decision Making

Symmetry ◽  
2020 ◽  
Vol 12 (8) ◽  
pp. 1311 ◽  
Author(s):  
Zeeshan Ali ◽  
Tahir Mahmood ◽  
Miin-Shen Yang
Keyword(s):  
Decision Making ◽  
Aggregation Operators ◽  
Weighted Averaging ◽  
The Novel ◽  
Fuzzy Environment ◽  
Novel Approach ◽  
Operational Laws ◽  
Comparison Results ◽  
Fuzzy Aggregation ◽  
Multi Attribute Decision Making

In this paper, the novel approach of complex T-spherical fuzzy sets (CTSFSs) and their operational laws are explored and also verified with the help of examples. CTSFS composes the grade of truth, abstinence, and falsity with a condition that the sum of q-power of the real part (also for imaginary part) of the truth, abstinence, and falsity grades cannot be exceeded from a unit interval. Additionally, to examine the interrelationships among the complex T-spherical fuzzy numbers (CTSFNs), we propose two aggregation operators, called complex T-spherical fuzzy weighted averaging (CTSFWA) and complex T-spherical fuzzy weighted geometric (CTSFWG) operators. A multi-attribute decision making (MADM) problem is resolved based on CTSFNs by using the proposed CTSFWA and CTSFWG operators. To examine the proficiency and reliability of the explored works, we use an example to make comparisons between the proposed operators and some existing operators. Based on the comparison results, the proposed CTSFWA and CTSFWG operators are well suited in the fuzzy environment with legitimacy and prevalence by contrasting other existing operators.

On distance measure and TOPSIS model for probabilistic interval-valued hesitant fuzzy sets: application to healthcare facilities in public hospitals

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jawad Ali ◽  
Zia Bashir ◽  
Tabasam Rashid
Keyword(s):  
Fuzzy Sets ◽  
Distance Measure ◽  
Aggregation Operators ◽  
Weighted Averaging ◽  
Hesitant Fuzzy Sets ◽  
Content Type ◽  
Healthcare Facilities ◽  
Proposed Model ◽  
Interval Valued ◽  
Topsis Model

PurposeThe purpose of the development of the paper is to construct probabilistic interval-valued hesitant fuzzy Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) model and to improve some preliminary aggregation operators such as probabilistic interval-valued hesitant fuzzy averaging (PIVHFA) operator, probabilistic interval-valued hesitant fuzzy geometric (PIVHFG) operator, probabilistic interval-valued hesitant fuzzy weighted averaging (PIVHFWA) operator, probabilistic interval-valued hesitant fuzzy ordered weighted averaging (PIVHFOWA) operator, probabilistic interval-valued hesitant fuzzy weighted geometric (PIVHFWG) operator and probabilistic interval-valued hesitant fuzzy ordered weighted geometric (PIVHFOWG) operator to cope with multicriteria group decision-making (MCGDM) problems in an efficient manner.Design/methodology/approach(1) To design probabilistic interval-valued hesitant fuzzy TOPSIS model. (2) To improve some of the existing aggregation operators. (3) To propose the Hamming distance, Euclidean distance, Hausdorff distance and generalized distance between probabilistic interval-valued hesitant fuzzy sets (PIVHFSs).FindingsThe results of the proposed model are discussed in comparison with the aggregation-based method from the related literature and found the effectiveness of the proposed model and improved aggregation operators.Practical implicationsA case study concerning the healthcare facilities in public hospital is addressed.Originality/valueThe notion of the proposed distance measure is used as rational tool to extend TOPSIS model for probabilistic interval-valued hesitant fuzzy setting.

Firm investment decisions for information security under a fuzzy environment: a game-theoretic approach

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rohit Gupta ◽  
Baidyanath Biswas ◽  
Indranil Biswas ◽  
Shib Sankar Sana
Keyword(s):  
Information Security ◽  
Investment Decisions ◽  
Financial Benefit ◽  
Content Type ◽  
Fuzzy Variables ◽  
Monetary Loss ◽  
System Vulnerability ◽  
Fuzzy Environment ◽  
Novel Approach ◽  
Simultaneous Attack

Purpose This paper aims to examine optimal decisions for information security investments for a firm in a fuzzy environment. Under both sequential and simultaneous attack scenarios, optimal investment of firm, optimal efforts of attackers and their economic utilities are determined. Design/methodology/approach Throughout the analysis, a single firm and two attackers for a “firm as a leader” in a sequential game setting and “firm versus attackers” in a simultaneous game setting are considered. While the firm makes investments to secure its information assets, the attackers spend their efforts to launch breaches. Findings It is observed that the firm needs to invest more when it announces its security investment decisions ahead of attacks. In contrast, the firm can invest relatively less when all agents are unaware of each other’s choices in advance. Further, the study reveals that attackers need to exert higher effort when no agent enjoys the privilege of being a leader. Research limitations/implications In a novel approach, inherent system vulnerability of the firm, financial benefit of attackers from the breach and monetary loss suffered by the firm are considered, as fuzzy variables in the well-recognized Gordon – Loeb breach function, with the help of fuzzy expectation operator. Practical implications This study reports that the optimal breach effort exerted by each attacker is proportional to its obtained economic benefit for both sequential and simultaneous attack scenarios. A set of numerical experiments and sensitivity analyzes complement the analytical modeling. Originality/value In a novel approach, inherent system vulnerability of the firm, financial benefit of attackers from the breach and monetary loss suffered by the firm are considered, as fuzzy variables in the well-recognized Gordon – Loeb breach function, with the help of fuzzy expectation operator.

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