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Reducing the potential risks in the manufacturing process to improve the reliability of the switched-mode power supply (SMPS) is a critical issue for the users’ safety. This paper proposes a novel failure mode and effects analysis (FMEA) model based on hybrid multiple criteria decision-making (MCDM), which adopts neutrosophic set theory into the proposed model. A developed neutrosophic Best Worst method (NBWM) is used to evaluate the weights of risk factors and determine their importance. Secondly, the neutrosophic Weight Aggregated Sum Product Assessments (NWASPAS) method is utilized to calculate the Risk Priority Number (RPN) of the failure modes. The proposed model improves the shortcomings of traditional FMEA and improves the practical applicability and effectiveness of the Best Worst method (BWM) and Weight Aggregated Sum Product Assessments (WASPAS) methods. In addition, this study uses neutrosophic logic to reflect the true judgments of experts in the assessment, which considers authenticity, deviation, and uncertainty to obtain more reliable information. Finally, an empirical case study from an SMPS company headquartered in Taiwan demonstrates the effectiveness and robustness of the proposed model. In addition, by comparing with two other FMEA models, the results show that the proposed model can more clearly reflect the true and effective risks in the assessment. The results can effectively help power supply manufacturers to assess risk factors and determine key failure modes. Full article