Risk assessment based on novel intuitionistic fuzzy-hybrid-modified TOPSIS approach

The risk matrix is an essential and powerful tool for identifying and assessing hazards to improve the safety performance of a company. Therefore, the parameters of a risk factor, severity, and likelihood are evaluated to measure the risk value using a conventional matrix method. In this study, the intuitionistic fuzzy hybrid TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) approach is proposed to deal with limitations of a crisp risk matrix and uncertainties of group decision makers using experts' opinions in linguistic terms. In addition, the objectives of this paper were to improve the effectiveness and reliability of the proposed approach and obtain an effective and comprehensive risk assessment technique. The proposed methodology was applied as a case study on a gas refinery for the welding and lamination task, and all identified hazards were prioritized by the modified TOPSIS approach for further corrective actions.