 Criticality prioritisation of risk factors in the Indian manufacturing industries using TOPSISVinod G. Surange and Sanjay U. Bokade International Journal of Business Continuity and Risk Management, 2022, vol. 12, issue 3, 263-298 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. Keywords: manufacturing; critical risk factors; CRFs; TOPSIS; multi-criteria decision making; MCDM; R software. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbcrm:v:12:y:2022:i:3:p:263-298 Access Statistics for this article More articles in International Journal of Business Continuity and Risk Management from Inderscience Enterprises Ltd |
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