Muhittin SagnakYigit KazancogluYesim Deniz Ozkan OzenJose Arturo Garza-Reyes2025-10-0620200265-671X10.1108/IJQRM-01-2020-0013http://dx.doi.org/10.1108/IJQRM-01-2020-0013https://gcris.yasar.edu.tr/handle/123456789/7540Purpose The aim of the present study is to overcome some of the limitations of the FMEA method by presenting a theoretical base for considering risk evaluation into its assessment methodology and proposing an approach for its implementation. Design/methodology/approach Fuzzy AHP is used to calculate the weights of the likelihood of occurrence (O) severity (S) and difficulty of detection (D). Additionally the prospect-theory-based TODIM method was integrated with fuzzy logic. Thus fuzzy TODIM was employed to calculate the ranking of potential failure modes according to their risk priority numbers (RPNs). In order to verify the results of the study in-depth interviews were conducted with the participation of industry experts. Findings The results are very much in line with prospect theory. Therefore practitioners may apply the proposed method to FMEA. The most crucial failure mode for a firm's attention is furnace failure followed by generator failure crane failure tank failure kettle failure dryer failure and operator failure respectively. Originality/value The originality of this paper consists in integrating prospect theory with the FMEA method in order to overcome the limitations naturally inherent in the calculation of the FMEA's RPNs.EnglishProspect theory, Failure modes and effects analysis, Fuzzy AHP, Fuzzy TODIM, Risk priority numberTOPSIS APPROACH, FUZZY, TODIM, AHP, PRIORITIZATION, SELECTIONArticle