Framework for Risk Analysis using Fuzzy Methodology and MADM Technique

This paper deals with a framework for the evaluation of risk in any of the complex processes like manufacturing, aerospace, nuclear industry, banking, administration etc. The methodology incorporates conventional FMEA, fuzzy FMEA, Dempster-Shafer theory and grey relation analysis. With its application, vagueness, uncertainty, ambiguity and repeatability in the results will be eliminated out. This will optimize the result which will make the system more secure and functional; thus improving the efficiency of the system and reducing the cost of the institution. Keywords: Fuzzy FMEA, FMEA, GRA, DS theory Cite this Article Mohit Agarwal, Aditya Narayanan, Priyank Srivastava. Framework for Risk Analysis using Fuzzy Methodology and MADM Technique. Journal of Aerospace Engineering & Technology. 2018; 8(2): 67–72p.