Open AccessExamination of Risk Factors in the Healthcare Product Development Process by using Fuzzy based MCDM Method
Author(s) -
R. K. A. Bhalaji,
Bathrinath Sankaranarayanan,
S. Saravanasankar
Publication year - 2019
Publication title -
international journal of recent technology and engineering
Language(s) - English
Resource type - Journals
ISSN - 2277-3878
DOI - 10.35940/ijrte.d1068.1284s219
Subject(s) - multiple criteria decision analysis , risk analysis (engineering) , product (mathematics) , process (computing) , risk management , fuzzy logic , audit risk , new product development , computer science , sort , risk assessment , centroid , business , operations research , engineering , mathematics , artificial intelligence , marketing , audit , computer security , geometry , accounting , finance , information retrieval , operating system
Healthcare product development (HCPD) process is generally long and time taking process because of complex manufacturing systems. These intricacy systems, the amount of risks involved in product development is also high. It is very much essential in controlling/minimizing risk in this process. The aim of this paper is to investigate risks in an herbal soap manufacturing company under HCPD to suggest a ranked risk structure (RRS) portrayal for obtaining the subjective risk assessment to change the magnitude of risks. For transforming the linguistic data into numeric risk ratings, a fuzzy based MCDM technique is used in this paper and also computing the ‘Level of risk’ regarding crisp ratings, a method of ‘Incentre of Centroids’ for GTrFN has been used. Lastly, a structure to sort dissimilar risk factors was suggested based on the notable extent of risk ratings (crisp). Subsequently, an action strategy was proposed to provide instructions to company managers to effectively control risks. A case study tactic is employed.