A hybrid risk prioritization method based on generalized TODIM and BWM for Fine-Kinney under interval type-2 fuzzy environment

Abstract

The risk prioritization process is one of the most crucial steps for risk evaluation of potential hazards. The Fine-Kinney method has been commonly applied to controll risks in practice, while the classical Fine-Kinney has limitations in the determination of important degrees of risk parameters. In addition, current risk prioritization approaches for Fine-Kinney overlook the bounded rational behavior of expert within the uncertain context, especially, the high uncertain environment. The purpose of this paper is to develop a hybrid risk prioritization approach for Fine-Kinney by using generalized TODIM (an acronym in Portuguese of interactive and multi-criteria decision making), best-worst, and the interval type-2 fuzzy set. First, the linguistic terms and interval type-2 fuzzy numbers are adopted to handle the expression problem of the team members’ uncertain evaluation information. Second, in order to obtain the objective weights of risk parameters, the best-worst method is proposed to determine the relative importance degrees of risk parameters. Third, the interval type-2 fuzzy numbers are incorporated into the generalized TODIM method to determine the risk priority orders of hazards, which can simulate the experts’ bounded rational behavior under uncertain environment. Finally, a practical risk analysis example of ballast tank maintenance and the sensitivity and comparison analysis is presented to demonstrate the application of the proposed Fine-Kinney framework. The sensitivity analysis and comparison are employed to validate the reliability of the new risk prioritization model.

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