The D numbers risk ranking based method by considering subjective weights and objective weights with incomplete linguistic information

Abstract

Risk prediction, assessment, and control are key parts of the successful operation and sustainable development of any enterprise. During the process of product failure risk assessment, evaluated risk factors belong to the group of multiple-criteria decision-making (MCDM) problems, including severity, occurrence, and detection when failure occurs. However, the traditional risk ranking method does not consider the subjective and objective weights of the assessment factors, and during risk prediction, assessment, and control, some unknown information in many practical situations is included. These reasons may cause the risk assessment results to be biased. In order to effectively deal with the problem of risk assessment, this paper proposes a D numbers risk ranking method by considering subjective and objective weights between assessment factors under incomplete linguistic information. An illustrative example of screening unit failure risk assessment is used to explain and prove the rationality and correctness of the proposed method. Some risk ranking methods are compared with the proposed D numbers risk ranking method, and the simulation results present that the proposed ranking method handles the issue of incomplete information and provides more reasonable risk ranking results.