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An asymmetric cost consensus based failure mode and effect analysis method with personalized risk attitude information

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  • Li, Ying
  • Liu, Peide
  • Li, Gang

Abstract

Failure mode and effect analysis (FMEA) method is widely utilized as an important reliability management tool to effectively evaluate and prevent risk problems that occur in all aspects of production. Considering the restriction of enterprise resources and diversity of FMEA expert interests, building a consensus based FMEA method based on expert cost and risk attitude can improve the quality of reliability management. Therefore, this paper develops an improved FMEA method based on risk attitude and asymmetric cost consensus. Firstly, the FMEA consensus reaching process based on the risk attitudes and asymmetric costs is proposed. Then, the FMEA expert evaluation aggregation process of dynamic expert weight calculation model is constructed. Further, the failure mode final ranking process is developed based on the HARA (hyberbolic absolute risk aversion) utility function and Disappointment theory. The reliability and effectiveness of the proposed FMEA method can be demonstrated by the practical case and simulation experiments. The improved FMEA method can enhance the efficiency and reliability of risk assessment and further promote the acceptance and execution of assessment results. Findings proved that the adaptive consensus based FMEA method can not only save the enterprise costs but also improve the flexibility and quality of risk management.

Suggested Citation

  • Li, Ying & Liu, Peide & Li, Gang, 2023. "An asymmetric cost consensus based failure mode and effect analysis method with personalized risk attitude information," Reliability Engineering and System Safety, Elsevier, vol. 235(C).
    • Handle: RePEc:eee:reensy:v:235:y:2023:i:c:s0951832023001114
    DOI: 10.1016/j.ress.2023.109196
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    References listed on IDEAS

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