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New Product Development Risk Assessment in the Core Banking Using FMEA Combined with COPRAS Method and Grey Relations

Author

Listed:
  • Alinezhad , Alireza

    (Faculty of Industrial and Mechanical Engineering, Qazvin Branch, Islamic Azad University)

  • Amini , Amir

    (Industrial Engineering, Alghadir Institute of Higher Education)

  • Rahmani , Mahsa

    (Faculty of Industrial and Mechanical Engineering, Qazvin Branch, Islamic Azad University)

Abstract

The present study tries to investigate the existing risks in the new product development process in the core banking field. Due to its use after production, new product development with the fewest errors and risks is always the subject of discussion and investigation among the researchers of this field. This study aims to investigate the most important risks existing in the new product development. The most important issue in this regard is that the market of manufactured products is increasingly competitive and the life-cycle of products is in decline due to environmental impacts. These factors force companies to follow such a process (new product development). Many techniques have been invented and applied in order to assess and manage the existing risks in different processes. Failure modes analysis technique and its resulted effects (FMEA) are considered as one of the most effective techniques that have been used for risk assessment of new product development in this study. Also, CORPAS-G method is used for prioritizing the detected risks. The purpose of this study is to identify the risks of new product and their priority for corrective measures to reduce the probable risks.

Suggested Citation

  • Alinezhad , Alireza & Amini , Amir & Rahmani , Mahsa, 2015. "New Product Development Risk Assessment in the Core Banking Using FMEA Combined with COPRAS Method and Grey Relations," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 10(3), pages 87-121, July.
    • Handle: RePEc:mbr:jmonec:v:10:y:2015:i:3:p:87-121
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    References listed on IDEAS

    as
    1. Romualdas Ginevičius & Valentinas Podvezko, 2008. "Multicriteria evaluation of Lithuanian banks from the perspective of their reliability for clients," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 9(4), pages 257-267, July.
    2. Mohammad Hasan Aghdaie & Sarfaraz Hashemkhani Zolfani & Edmundas Kazimieras Zavadskas, 2013. "Market segment evaluation and selection based on application of fuzzy AHP and COPRAS-G methods," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 14(1), pages 213-233, February.
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    More about this item

    Keywords

    Risk assessment; Risk management; New product development; Core banking; FMEA; COPRAS-G;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing

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