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A Flexible Decision Model for Risk Analysis in Product Recovery Systems

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Abstract

The growing realization to employ sustainable practices in order to impedeEnvironmental Degradation” has called the concept of product recovery system (PRS) to the fore. Recent literature has reported benefits of recovery systems which include direct benefits such as reduction of cost, reclaiming value of used products, profits in secondary markets and indirect benefits such as gaining customer confidence, enhancing the green image of the organization, compliance of regulations, etc . Despite these reported facts organizations are still reluctant in incorporating sustainable practices due to risks associated with PRS. To address these issues, the paper attempts to identify these risks associated with PRS and proposes a flexible decision model for risk analysis, which can assist organizations in the successful implementation of recovery practices. Accordingly, the aim of this research is to consider the risk issues directly affecting the PRS and to study the interrelationship among them. Moreover, the hierarchical relationship among the risks is modeled using total interpretive structural modeling based on their driving power (ability to influence other risks) and dependence (tendency to get influenced by other risks).

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Acknowledgments

The work described in this paper was supported by a grant from Department of Science and Technology (Project No. RP-02778). The authors would like to thank Indian Institute of Technology Research Committee for the financial and technical support. The authors also thank the editor and the reviewers for their valuable comments and suggestions that have led to the substantial improvement of the paper.

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Correspondence to Jitendra K. Madaan.

Appendix

Appendix

See Table 8.

Table 8 Interpretive matrix

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Madaan, J.K., Choudhary, D. A Flexible Decision Model for Risk Analysis in Product Recovery Systems. Glob J Flex Syst Manag 16, 313–329 (2015). https://doi.org/10.1007/s40171-015-0102-4

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Keywords

  • Flexible decision model
  • Interrelationships
  • Product recovery system (PRS)
  • Risks
  • Total interpretive structural modeling (TISM)