Probabilistic and Fuzzy Models for Risk Analysis of Processing and Manufacturing System

Risk is defined as the chance of failures or a state occurrence of the possible loss. The risk of one can be a benefit to others. To survive in today's competitive market situation, proper risk management is essential. In the present study, various models, that is, probabilistic and fuzzy models used for risk analysis in processing and manufacturing systems, have been discussed. This article critically reviews the use of probabilistic and fuzzy models in context with the type of publications, area of application, region-specific details, citations results to answer the research questions framed. This main contribution of this article is the examination of the current state of the art for risk analysis. The findings from this article will be helpful for risk managers and analysts, respectively, for proper understanding, identification, analysis, and management of risk.