Failure mode and effects analysis–analytic hierarchy process (FMEA-AHP) model in supplier risk management
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Date
2025
Authors
Panić, Marija
Que, Xiaojun
Journal Title
Journal ISSN
Volume Title
Publisher
Infopro Digital Services
Source
Journal of Risk Model Validation
Volume
19
Issue
3
Abstract
Risk management is a crucial process that enables organizations to identify, assess and manage risks that could potentially impact their goals and operations. This paper uses the failure mode and effects analysis–analytic hierarchy process (FMEA–AHP) risk model to identify and manage supplier risks in a mining firm. First, the FMEA approach is used to identify and evaluate the supplier’s risks and to determine the risk priority. Then the AHP is used to suggest several potential solutions for reducing the risks that identified by the FMEA, with each solution being evaluated based on several criteria. Validation of the risk model in this paper confirmed that it can help managers develop risk management plans and select the best course of action. The approach in this paper provides an enterprise risk management model that is universally applicable and adaptable, no matter the type of risk or the size or activity of the company.
Description
Keywords
supplier risk management, failure mode and effects analysis (FMEA), analytic hierarchy process (AHP), risk model, enterprise risk management (ERM)
Citation
DOI
10.21314/JRMV.2025.009
Scopus
ISSN
1753-9579
1753-9587
1753-9587
ISBN
License
ARR