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A Methodology for Risk Assessment and Formulation of Mitigation Strategies for Trucking Industry

Volume 12, Number 6, November 2016 - Paper 7 - pp. 573-588

KRISHNA KUMAR DADSENA*1, VALLAYIL N. A. NAIKAN1, and S. P. SARMAH2

1. Reliability Engineering Centre, IIT Kharagpur, India - 721302
2. Department of Industrial and Systems Engineering, IIT Kharagpur, India- 721302

(Received on September 14, 2016, revised on October 14, 2016)

Abstract:

Trucking is the backbone of Indian freight transportation as 63% freight movement is carried out via road. Trucking industry needs to focus on the operational efficiency, but at the same time, it is extremely important to minimize the likelihood of occurrence of the risk events with a strategic risk response plan during operation of the industry. Indian trucking industry is facing many risky situations such as fragmentation in the industry, underutilization of trucks, shortage of drivers and many others issues. To compete and sustain in the globalized scenario, it is necessary to quantify the perilous situations facing the trucking industry and develop an appropriate mitigation plan to handle such situations. This paper identifies various failure modes of trucking industry, their effects and possible actions for risk mitigation. The paper also proposes a Modified Failure Modes and Effect Analysis (MFMEA) to prioritize the mitigation strategy, using Modified Risk Mitigation Number (MRMN) approach and applies Interval type-2 Fuzzy FMEA to rank the risk factors. The proposed approach takes into account the ranked weightage of the risk factors and personal opinions of the experts for computation of risk mitigation matrix.

 

References: 58

 

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