Fuzzy Logic Improves Decision Support Software
Using Artificial Intelligence Enhances the Risk Analysis Process
Fuzzy logic applications offer one form of decision making used in artificial intelligence. This method, instead of relying on hard-and-fast rules, operates under a "fuzzy" umbrella that uses vague descriptive terms, and takes action based on responses. While most computer-based logic programs make decisions based on clear rules, fuzzy logic directives apply weights to each response, and then takes action based on the sum of the results.
Risk Analysis Process with Fuzzy Logic
The risk analysis process becomes more comprehensive when using fuzzy logic applications. Using fuzzy logic ensures that complex variables are all considered when making decisions. While this type of system appears to be imprecise due to the fact that it can accept human-style input, a fuzzy logic program is actually quite logical.
Decision-Making Software
Decision-making software finds different results, depending on the use of fuzzy logic applications, or typical computer logic applications. Input for a fuzzy logic system can be expressed in degrees of positive or negative results. Rather than a firm result, which might be expressed as a concrete number, a fuzzy logic system accepts results that may be expressed in a "more or less" fashion.
For example, a typical logic program to assess creditworthiness might have criteria such as a particular number value for the credit score, or a lack of bankruptcies and late payments on the credit file. Fuzzy logic programs, however, evaluate creditworthiness in much the same way that a loan officer might.
Fuzzy Logic Application Mirrors Human Decision-Making
Using a fuzzy logic application mirrors the human decision-making process, rather than a typical computer program. A loan officer takes all information into account, giving each bit of information a differing level of importance, and not relying on any one criteria.
For example, an applicant may have a low credit score due to a bankruptcy 5 years ago, but also has a perfect payment record since that time. This information would offset the weight of the credit score. The applicant may have a job with a large paycheck, which would influence the decision in his favor, but having only held the job for a week would change the overall weight given to that information.
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