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Increasing demand for simplification of frequently used products promotes innovation with simple mechanisms. In this study, an attempt is made by amalgamating FMEA, QFD, TRIZ, LCA, and fuzzy TOPSIS for the development of sustainable products. The methodology is executed to redesign a simple pressure relief valve (PRV) in an economic, sustainable, and innovative manner. The failure modes of PRV are considered in FMEA and ranked by their RPN. The environmental voice of the customer is imbibed in ECQFD to correlate with the engineering specifications and obtain the critical zones of improvement. Possible innovations of the existing design based on the design option selected from ECQFD are considered by analyzing the design feature contradictions, and solutions are addressed using the TRIZ matrix. Four CAD models of improved designs were created and subjected to sustainability analysis and fatigue life analysis. The redesigns were evaluated using fuzzy TOPSIS, an MCDM approach, to obtain an unbiased ranking based on multiple criteria supported by the result analysis and expert opinions. The final design was selected for prototyping. This approach provides a holistic approach for innovative product design and development and a simplified approach for an innovative redesign of an existing product. [ABSTRACT FROM AUTHOR]

This paper focuses on an investment decision-making process for sustainable development based on the profitability impact factors for overseas projects. Investors prefer to use the discounted cash-flow method. Although this method is simple and straightforward, its critical weakness is its inability to reflect the factor volatility associated with the project evaluation. To overcome this weakness, the Value-at-Risk method is used to apply the volatility of the profitability impact factors, thereby reflecting the risks and establishing decision-making criteria for risk-averse investors. Risk-averse investors can lose relatively acceptable investment opportunities to risk-neutral or risk-amenable investors due to strict investment decision-making criteria. To overcome this problem, critical factors are selected through a Monte Carlo simulation and a sensitivity analysis, and solutions to the critical-factor problems are then found by using the Theory of Inventive Problem Solving and a business version of the Project Definition Rating Index. This study examines the process of recovering investment opportunities with projects that are investment feasible and that have been rejected when applying the criterion of the Value-at-Risk method. To do this, a probabilistic alternative approach is taken. To validate this methodology, the proposed framework for an improved decision-making process is demonstrated using two actual overseas projects of a Korean steel-making company. [ABSTRACT FROM AUTHOR]

The whole energy system requires renewables that scale and produce reliable, valuable energy at an acceptable cost. The key to increasing the deployment of ocean energy is bringing down development and operating costs. This paper proposes a structured approach to innovation in ocean energy systems that would spur innovation and expand the market for ocean energy. This approach can be used by a wide range of stakeholders—including technology and project developers and investors—when considering creating or improving designs. The Structured Innovation design tool within the DTOceanPlus suite is one of a kind beyond the current state-of-the-art. It enables the adaptation and integration of systematic problem-solving tools based on quality function deployment (QFD), the theory of inventive thinking (TRIZ), and the failure modes and effects analysis (FMEA) methodologies for the ocean energy sector. In obtaining and assessing innovative concepts, the integration of TRIZ into QFD enables the designers to define the innovation problem, identifies trade-offs in the system, and, with TRIZ as a systematic inventive problem-solving methodology, generates potential design concepts for the contradicting requirements. Additionally, the FMEA is used to assess the technical risks associated with the proposed design concepts. The methodology is demonstrated using high-level functional requirements for a small array of ten tidal turbines to improve the devices layout and power cabling architecture. The Structured Innovation design tool output comprises critical functional requirements with the highest overall impact and the least organisational effort to implement, along with appropriate alternative solutions to conflicting requirements. [ABSTRACT FROM AUTHOR]

Infrastructure megaprojects straddle multiple stakeholder boundaries who have an interest in the project and are affected by the project. Multiple papers in the literature stress the need for holistic approaches to stakeholder engagement, as existing approaches only address the concerns of the noisy stakeholders. This research proposes an innovative approach in which Soft Systems Methodology (SSM) is used for understanding stakeholder concerns, complemented by the use of Theory of Inventive Problem Solving (TRIZ) for identifying innovative solutions to address conflicting stakeholder goals. The researchers simulated the stakeholder engagement of the Coimbatore metro rail project, in India, through a workshop setting in a classroom to check the feasibility of this approach for stakeholder engagement. The 15 participants of the workshop were divided into four groups representing different stakeholders of the project. Data was collected through participant observations by the authors and oral feedback from the participants. The results show that while SSM helped to capture the concerns and goals of each stakeholder, TRIZ helped to identify and dissolve conflicts among these goals through innovative solutions. The theoretical, practical and pedagogical contributions are highlighted. [ABSTRACT FROM AUTHOR]