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Fuzzy Logic Approach in Risk Assessment
Abstract
Risk is the likelihood of occurrence of any event that may obstruct the ability of organizations to achieve their strategic, financial, and operational goals. It is of profound importance for the business management to detect risks and determine appropriate actions in time. Risk assessment is a continuous and recursive process aimed at maximization of the use of opportunities while minimizing threats. There is a tendency in the field of risk assessment to prefer more quantitative methods to reduce unclarity. One such method is fuzzy logic. This chapter investigates fuzzy logic as an alternative to the classical methods that have been used for the purposes of risk assessment, which plays a crucial role in business action plans. Due to its similarity to the process of human reasoning and its success in cases of unclarity, fuzzy logic offers a number of advantages in this regard.
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