scholarly journals Risk assessment of marine construction projects using Taguchi Loss Function

2019 ◽  
Vol 3 (3) ◽  
pp. 33-42
Author(s):  
Amir Reza Valyani ◽  
Naser Feghhi Farahmand ◽  
Soleyman Iranzadeh ◽  
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◽  
...  
Keyword(s):  
Risk Assessment ◽  
Loss Function ◽  
Construction Projects ◽  
Taguchi Loss Function

An improved modified FMEA model for prioritization of lean waste risk

2018 ◽  
Vol 11 (2) ◽  
pp. 233-253 ◽  
Author(s):  
Agung Sutrisno ◽  
Indra Gunawan ◽  
Iwan Vanany ◽  
Mohammad Asjad ◽  
Wahyu Caesarendra
Keyword(s):  
Decision Support ◽  
Loss Function ◽  
Value Added ◽  
Ordinal Scale ◽  
Decision Support Model ◽  
Integration Model ◽  
Taguchi Loss Function ◽  
Content Type ◽  
The Impact ◽  
Support Model

Purpose Proposing an improved model for evaluating criticality of non-value added (waste) in operation is necessary for realizing sustainable manufacturing practices. The purpose of this paper is concerning on improvement of the decision support model for evaluating risk criticality lean waste occurrence by considering the weight of modified FMEA indices and the influence of waste-worsening factors causing the escalation of waste risk magnitude. Design/methodology/approach Integration of entropy and Taguchi loss function into decision support model of modified FMEA is presented to rectify the limitation of previous risk reprioritization models in modified FMEA studies. The weight of the probability components and loss components are quantified using entropy. A case study from industry is used to test the applicability of the integration model in practical situation. Findings The proposed model enables to overcome the limitations of using subjective determination on the weight of modified FMEA indices. The inclusion of the waste-worsening factors and Taguchi loss functions enables the FMEA team to articulate the severity level of waste consequences appropriately over the use of ordinal scale in ranking the risk of lean waste in modified FMEA references. Research limitations/implications When appraising the risk of lean waste criticality, ignorance on weighting of FMEA indices may be inappropriate for an accurate risk-based decision-making. This paper provides insights to scholars and practitioners and others concerned with the lean operation to understand the significance of considering the impact of FMEA indices and waste-worsening factors in evaluating criticality of lean waste risks. Practical implications The method adopted is for quantifying the criticality of lean waste and inclusion of weighting of FMEA indices in modified FMEA provides insight and exemplar on tackling the risk of lean waste and determining the most critical waste affecting performability of company operations. Originality/value Integration of the entropy and Taguchi loss function for appraising the criticality of lean waste in modified FMEA is the first in the lean management discipline. These findings will be highly useful for professionals wishing to implement the lean waste reduction strategy.

scholarly journals L.A.R.G. supplier selection based on integrating house of quality, Taguchi loss function and M.O.P.A.

2019 ◽  
Vol 32 (1) ◽  
pp. 1944-1964 ◽  
Author(s):  
Dariush Mohamadi Zanjirani ◽  
Sarfaraz Hashemkhani Zolfani ◽  
Olegas Prentkovskis
Keyword(s):  
Loss Function ◽  
Supplier Selection ◽  
House Of Quality ◽  
Taguchi Loss Function

scholarly journals The influence of factor space on the value of discount rate in the assessment of investment projects

2018 ◽  
Vol 170 ◽  
pp. 01091
Author(s):  
Yuliya Anoshina ◽  
Valery Gusev ◽  
Svetlana Suchkova ◽  
Roman Gorshkov ◽  
Elena Smorodina
Keyword(s):  
Risk Assessment ◽  
Life Cycle ◽  
Discount Rate ◽  
Construction Projects ◽  
Factor Space ◽  
Internal Environment ◽  
General Classification ◽  
Investment Projects ◽  
Rate Calculation

The purpose of the paper is to identify factor space influencing on the value of discount rate in the assessment of effectiveness of investment and construction projects. As a result of investigation, a general classification of investment and construction risks was drawn up, depending on influence of external and internal environment of the enterprise. The factor space, which is used for initial data of separate investment and construction projects, was identified. A general algorithm of risk assessment of investment and construction project is developed, taking into account the reasoned justification of the method used for discount rate calculation, with the possible application of the variable discount rate at different stages of project’s life cycle.

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