Abstract
Risk is a threat to every activity or system due to uncertainty with each component. Uncertainty of a system rises as the number of components increases. While uncertain risk elements cannot be assessed deterministically, a probability measurement helps an organization to combat those threats. Introduction of the Product Lifecycle Management (PLM) concept in an organization has the potential to offer substantial benefits. However, there are multiple risks in implementing PLM systems, and adequate care must be taken during PLM initiatives to get the desired benefits. If there are lacunae in the management of a PLM initiative, the whole purpose of adopting PLM may be lost partially or totally. The risk assessment of PLM systems’ implementation is performed by employing integrated grey DANP (DEMATEL-based ANP) and grey TOPSIS techniques for the first time. By considering the category and attribute of each risk factor, this integrated model reveals the critical risk factors: an inappropriate choice of a PLM system, mismatch in required data formats, and inefficient resource estimation.
•Identify associated risks with implementation of PLM systems.•Ranks risks based on their individual risk indices.•MCDM techniques used include Grey-DEMATEL, DANP and Grey-TOPSIS.•Technological skills, resource estimation & technology process alignment as top risks to PLM systems implementation.