Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods

Jun Dong; Dongxue Wang; Xihao Dou; Dongran Liu; Shilin Nie; Linpeng Nie

doi:doi:10.11648/j.ajere.20190403.12

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Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods

Jun Dong, Dongxue Wang, Xihao Dou, Dongran Liu, Shilin Nie, Linpeng Nie

Published in American Journal of Environmental and Resource Economics (Volume 4, Issue 3)

Received: 14 May 2019 Accepted: 13 June 2019 Published: 26 July 2019

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Abstract

With the new round of power industry reform in China, the Power Market Management Committee (PMMC) came into being as an autonomous deliberation and coordination body. PMMC plays a bridge role in power market operation, but its operating mechanism is still in the exploratory stage. Research on how to effectively play the functional role in the power market and avoid the effectiveness of the risk is still blank. In order to scientifically identify and evaluate the operational risks of the PMMC and provide guidance and reference for its operation in the electricity market, the article focuses on its responsibilities and procedures, and benchmarks with similar institutions at home and abroad. The traditional FMEA method is applied to analyze the potential risk causes and consequences of PMMC operation, and nine potential risk factors are extracted, then the initial weights of the risk factors were determined by combining the subjective and objective weighting methods with the intuitionistic fuzzy set FMEA method, then the TOPSIS-GRPM method is used to calculate the gray correlation projection closeness, and the final weight of the risk factor is determined. From the evaluation results, it can be seen that the risk of members' composition, professional ability and authority and responsibility allocation are of high level, and need to be focused on prevention and control. Finally, effective measures to avoid and prevent PMMC are put forward to provide reference for the safe and efficient operation of PMMC in China.

Published in	American Journal of Environmental and Resource Economics (Volume 4, Issue 3)
DOI	10.11648/j.ajere.20190403.12
Page(s)	96-103
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2019. Published by Science Publishing Group

Keywords

Operational Risk, Risk Model, PMMC, Intuitionistic Fuzzy FMEA Method, TOPSIS-GRPM

References

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APA Style

Jun Dong, Dongxue Wang, Xihao Dou, Dongran Liu, Shilin Nie, et al. (2019). Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods. American Journal of Environmental and Resource Economics, 4(3), 96-103. https://doi.org/10.11648/j.ajere.20190403.12

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ACS Style

Jun Dong; Dongxue Wang; Xihao Dou; Dongran Liu; Shilin Nie, et al. Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods. Am. J. Environ. Resour. Econ. 2019, 4(3), 96-103. doi: 10.11648/j.ajere.20190403.12

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AMA Style

Jun Dong, Dongxue Wang, Xihao Dou, Dongran Liu, Shilin Nie, et al. Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods. Am J Environ Resour Econ. 2019;4(3):96-103. doi: 10.11648/j.ajere.20190403.12

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@article{10.11648/j.ajere.20190403.12,
  author = {Jun Dong and Dongxue Wang and Xihao Dou and Dongran Liu and Shilin Nie and Linpeng Nie},
  title = {Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {4},
  number = {3},
  pages = {96-103},
  doi = {10.11648/j.ajere.20190403.12},
  url = {https://doi.org/10.11648/j.ajere.20190403.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20190403.12},
  abstract = {With the new round of power industry reform in China, the Power Market Management Committee (PMMC) came into being as an autonomous deliberation and coordination body. PMMC plays a bridge role in power market operation, but its operating mechanism is still in the exploratory stage. Research on how to effectively play the functional role in the power market and avoid the effectiveness of the risk is still blank. In order to scientifically identify and evaluate the operational risks of the PMMC and provide guidance and reference for its operation in the electricity market, the article focuses on its responsibilities and procedures, and benchmarks with similar institutions at home and abroad. The traditional FMEA method is applied to analyze the potential risk causes and consequences of PMMC operation, and nine potential risk factors are extracted, then the initial weights of the risk factors were determined by combining the subjective and objective weighting methods with the intuitionistic fuzzy set FMEA method, then the TOPSIS-GRPM method is used to calculate the gray correlation projection closeness, and the final weight of the risk factor is determined. From the evaluation results, it can be seen that the risk of members' composition, professional ability and authority and responsibility allocation are of high level, and need to be focused on prevention and control. Finally, effective measures to avoid and prevent PMMC are put forward to provide reference for the safe and efficient operation of PMMC in China.},
 year = {2019}
}

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TY  - JOUR
T1  - Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods
AU  - Jun Dong
AU  - Dongxue Wang
AU  - Xihao Dou
AU  - Dongran Liu
AU  - Shilin Nie
AU  - Linpeng Nie
Y1  - 2019/07/26
PY  - 2019
N1  - https://doi.org/10.11648/j.ajere.20190403.12
DO  - 10.11648/j.ajere.20190403.12
T2  - American Journal of Environmental and Resource Economics
JF  - American Journal of Environmental and Resource Economics
JO  - American Journal of Environmental and Resource Economics
SP  - 96
EP  - 103
PB  - Science Publishing Group
SN  - 2578-787X
UR  - https://doi.org/10.11648/j.ajere.20190403.12
AB  - With the new round of power industry reform in China, the Power Market Management Committee (PMMC) came into being as an autonomous deliberation and coordination body. PMMC plays a bridge role in power market operation, but its operating mechanism is still in the exploratory stage. Research on how to effectively play the functional role in the power market and avoid the effectiveness of the risk is still blank. In order to scientifically identify and evaluate the operational risks of the PMMC and provide guidance and reference for its operation in the electricity market, the article focuses on its responsibilities and procedures, and benchmarks with similar institutions at home and abroad. The traditional FMEA method is applied to analyze the potential risk causes and consequences of PMMC operation, and nine potential risk factors are extracted, then the initial weights of the risk factors were determined by combining the subjective and objective weighting methods with the intuitionistic fuzzy set FMEA method, then the TOPSIS-GRPM method is used to calculate the gray correlation projection closeness, and the final weight of the risk factor is determined. From the evaluation results, it can be seen that the risk of members' composition, professional ability and authority and responsibility allocation are of high level, and need to be focused on prevention and control. Finally, effective measures to avoid and prevent PMMC are put forward to provide reference for the safe and efficient operation of PMMC in China.
VL  - 4
IS  - 3
ER  -

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Author Information

Jun Dong

School of Economics and Management, North China Electric Power University, Beijing, China
Dongxue Wang

School of Economics and Management, North China Electric Power University, Beijing, China
Xihao Dou

School of Economics and Management, North China Electric Power University, Beijing, China
Dongran Liu

School of Economics and Management, North China Electric Power University, Beijing, China
Shilin Nie

School of Economics and Management, North China Electric Power University, Beijing, China
Linpeng Nie

School of Economics and Management, North China Electric Power University, Beijing, China

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Plain Text BibTeX RIS

APA Style

Jun Dong, Dongxue Wang, Xihao Dou, Dongran Liu, Shilin Nie, et al. (2019). Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods. American Journal of Environmental and Resource Economics, 4(3), 96-103. https://doi.org/10.11648/j.ajere.20190403.12

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ACS Style

Jun Dong; Dongxue Wang; Xihao Dou; Dongran Liu; Shilin Nie, et al. Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods. Am. J. Environ. Resour. Econ. 2019, 4(3), 96-103. doi: 10.11648/j.ajere.20190403.12

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AMA Style

Jun Dong, Dongxue Wang, Xihao Dou, Dongran Liu, Shilin Nie, et al. Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods. Am J Environ Resour Econ. 2019;4(3):96-103. doi: 10.11648/j.ajere.20190403.12

Copy | Download

@article{10.11648/j.ajere.20190403.12,
  author = {Jun Dong and Dongxue Wang and Xihao Dou and Dongran Liu and Shilin Nie and Linpeng Nie},
  title = {Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {4},
  number = {3},
  pages = {96-103},
  doi = {10.11648/j.ajere.20190403.12},
  url = {https://doi.org/10.11648/j.ajere.20190403.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20190403.12},
  abstract = {With the new round of power industry reform in China, the Power Market Management Committee (PMMC) came into being as an autonomous deliberation and coordination body. PMMC plays a bridge role in power market operation, but its operating mechanism is still in the exploratory stage. Research on how to effectively play the functional role in the power market and avoid the effectiveness of the risk is still blank. In order to scientifically identify and evaluate the operational risks of the PMMC and provide guidance and reference for its operation in the electricity market, the article focuses on its responsibilities and procedures, and benchmarks with similar institutions at home and abroad. The traditional FMEA method is applied to analyze the potential risk causes and consequences of PMMC operation, and nine potential risk factors are extracted, then the initial weights of the risk factors were determined by combining the subjective and objective weighting methods with the intuitionistic fuzzy set FMEA method, then the TOPSIS-GRPM method is used to calculate the gray correlation projection closeness, and the final weight of the risk factor is determined. From the evaluation results, it can be seen that the risk of members' composition, professional ability and authority and responsibility allocation are of high level, and need to be focused on prevention and control. Finally, effective measures to avoid and prevent PMMC are put forward to provide reference for the safe and efficient operation of PMMC in China.},
 year = {2019}
}

Copy | Download

TY  - JOUR
T1  - Operational Risk Identification of Electric Power Market Management Committee Based on Intuitionistic Fuzzy FMEA and TOPSIS-GRPM Methods
AU  - Jun Dong
AU  - Dongxue Wang
AU  - Xihao Dou
AU  - Dongran Liu
AU  - Shilin Nie
AU  - Linpeng Nie
Y1  - 2019/07/26
PY  - 2019
N1  - https://doi.org/10.11648/j.ajere.20190403.12
DO  - 10.11648/j.ajere.20190403.12
T2  - American Journal of Environmental and Resource Economics
JF  - American Journal of Environmental and Resource Economics
JO  - American Journal of Environmental and Resource Economics
SP  - 96
EP  - 103
PB  - Science Publishing Group
SN  - 2578-787X
UR  - https://doi.org/10.11648/j.ajere.20190403.12
AB  - With the new round of power industry reform in China, the Power Market Management Committee (PMMC) came into being as an autonomous deliberation and coordination body. PMMC plays a bridge role in power market operation, but its operating mechanism is still in the exploratory stage. Research on how to effectively play the functional role in the power market and avoid the effectiveness of the risk is still blank. In order to scientifically identify and evaluate the operational risks of the PMMC and provide guidance and reference for its operation in the electricity market, the article focuses on its responsibilities and procedures, and benchmarks with similar institutions at home and abroad. The traditional FMEA method is applied to analyze the potential risk causes and consequences of PMMC operation, and nine potential risk factors are extracted, then the initial weights of the risk factors were determined by combining the subjective and objective weighting methods with the intuitionistic fuzzy set FMEA method, then the TOPSIS-GRPM method is used to calculate the gray correlation projection closeness, and the final weight of the risk factor is determined. From the evaluation results, it can be seen that the risk of members' composition, professional ability and authority and responsibility allocation are of high level, and need to be focused on prevention and control. Finally, effective measures to avoid and prevent PMMC are put forward to provide reference for the safe and efficient operation of PMMC in China.
VL  - 4
IS  - 3
ER  -

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