Criticality prioritisation of risk factors in the Indian manufacturing industries using TOPSIS
by Vinod G. Surange; Sanjay U. Bokade
International Journal of Business Continuity and Risk Management (IJBCRM), Vol. 12, No. 3, 2022

Abstract: This article aims to identify the critical risk factors (CRFs) in the Indian manufacturing sector and prioritise them based on their severity. The article further provides the roadmap for effective risk management. Findings from the articles published in peer-reviewed international journals, coupled with the actual industrial scenario, are presented in this paper. This article applies the technique for order preference by similarity to the ideal solution (TOPSIS), one of the key multi-criteria decision-making (MCDM) techniques. Primary data was obtained by consulting fourteen industry experts (IEs) from reputed industries. CRFs are ranked in the order of their criticality based on the input received. This article presents TOPSIS demonstration using R software. The article uncovers the ten CRFs in the manufacturing sector. The ranking tool, with consideration of six selected criteria, derived 'supplier-related risks' and 'design-related risks', as the foremost risk factors, whereas 'scope change risk' and 'safety-related risk', obtained a lesser rank.

Online publication date: Tue, 06-Sep-2022

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