Failure mode and effects analysis by a new improved method-based preference solution index under uncertainty

Competitive nature of global marketing force industries to continually improve their systems’ quality and costs to guarantee the customer satisfaction. Failure mode and effects analysis (FMEA) is an analytical approach developed to help organizations reduce their product development time, price and improve the quality, in order to secure their competitive advantages in global marketing. Some important drawbacks in traditional FMEA make it doubtful, such as not to considering the uncertainty of human judgments, considering equal weights for risk factors. To this end, several researchers have proposed new methods and approaches to overcome these drawbacks. This paper presents a new improved method based on preference solution index (PSI) under interval-valued intuitionistic fuzzy (IVIF) environment to conduct FMEA. In this method, there is no need to predetermine the relative weights of risks, and the decision matrix is obtained based on IVIF numbers; and hence, the vagueness handling will be enhanced. A practical example will be applied to show applicability and potential strength of the proposed method.