A novel fuzzy risk matrix based risk assessment approach

Traditional risk assessment (RA) methodologies cannot model vagueness in risk and cannot prioritize corrective-preventive measures (CPMs) by considering effectiveness of those on risk types (RTs). These cannot combine and reflect accurately different subjective opinions and cannot be used in a linguistic manner. Risk factors (RFs) are assumed to have the same importance and interrelations between RFs are not considered. This study aims to overcome these disadvantages by combining fuzzy logic with multi-criteria decision-making in a dynamic manner.