The failure mode and effect analysis (FMEA) is an essential technique for risk assessment that can not only determine the potential failure modes, causes of failure and effects, but also expunge the potential failure modes in a system. Imprecise evaluation outcomes may be achieved due to the inherent imperfections caused by the traditional FMEA approach. Accordingly, a hybrid FMEA model based upon the interval-valued q-rung orthopair fuzzy (IVq-ROF) set and extended weighted aggregated sum product assessment (WASPAS) method is propounded to provide decision support for risk assessment. The main dedications of this investigation are as below. First, an innovative IVq-ROF score function is presented to compare the IVq-ROF numbers and the related properties of the proposed function are also discussed. Second, the IVq-ROF Aczel–Alsina operation laws are investigated and then some novel IVq-ROF Hamy mean operators are propounded on based on the advanced operations. Third, the IVq-ROF logarithmic percentage change-driven objective weighting (LOPCOW) method is advanced based on the presented score function to determine the objective importance of the risk criteria and the fuzzy full consistency method (FUCOM) is utilized to ascertain the subjective importance of the risk criteria. Fourth, a novel FMEA model based on extended WASPAS method is presented to ascertain the prioritization of failure modes. Lastly, an empirical about risk assessment in the shipbuilding process is implemented to verify the applicability and feasibility of the designed FMEA model. The comparison analysis and sensibility study are executed to demonstrate the significant merits and stability of the developed model. The best advantage of the presented model is that it not only obtains a consistent outcome and takes into account the interrelations among the risk criteria, but also addresses more problems where the weights of the criteria and experts are not determined in advance.
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