A NEW APPROACH IN FAILURE MODES AND EFFECTS ANALYSIS BASED ON COMPROMISE SOLUTION BY CONSIDERING OBJECTIVE AND SUBJECTIVE WEIGHTS WITH INTERVAL-VALUED INTUITIONISTIC FUZZY SETS

Failure modes and effects analysis (FMEA) is a well-known risk analysis approach that has been conducted to distinguish, analyze and mitigate serious failure modes. It demonstrates the effectiveness and the ability of understanding and documenting in a clear manner; however, the FMEA has weak points and it has been criticized by some authors. For example, it does not consider relative importance among three risk factors (i.e., $ O, S $ and $ D $). Different sequences of $ O $, $ S $ and $ D $ may result in exactly the same value of risk priority number (RPN), but their semantic risk implications may be totally different and these three risk factors are difficult to be precisely expressed. This study introduces a new interval-valued intuitionistic fuzzy (IVIF)-decision approach based on compromise solution concept that defeats the above weak points and improves the traditional FMEA's results. This study firstly employs both subjective and objective weights in the decision process simultaneously. Secondly, there are two kinds of subjective weights performed in the study: aggregated weights obtained by expert's assessments as well as entropy measure. Thirdly, this approach is defined under an IVIF-environment to ensure that the evaluation information would be preserved, and the uncertainties could be handled during the computations. Hence, it considers uncertainty in expert's judgments as well as reduces the probability of obtaining two ranking orders with the same value. Finally, the alternatives are ranked with a new collective index according to the compromise solution concept. To show the effectiveness of the proposed approach, two practical examples are solved from the recent literature in engineering applications. The proposed decision approach has an acceptable performance. Also, its advantages have been mentioned in comparison with other decision approaches.