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date: 01 December 2020

Abstract and Keywords

The chapter focuses on the use of fuzzy logic, or soft computing, among the different methods used as supports for decision making in business applications. The processes are focused on private corporate attempts at making money or decreasing expenses; therefore, the details of applications, successful or not, are not published very often. Fuzzy logic helps in decentralization of decisionmaking processes that are to be standardized, reproduced, and documented. Fuzzy logic plays very important roles, especially in business, because it helps reduce costs. It differs from conventional (hard) computing in that it is tolerant of imprecision, uncertainty, partial truth, and approximation. In effect, the role model for fuzzy logic is the human mind. The guiding principle of fuzzy logic is to exploit this tolerance to achieve tractability, robustness, and low solution cost.

Keywords: fuzzy logic, risk evaluation, business decision making, prediction, time series, soft computing

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