Policy Compass: FCM-based Policy Impact Evaluation using Public Open Data

Abstract

This paper presents how Fuzzy Cognitive Map (FCM) technique can be applied by a policy maker to support the policy impact evaluation using the example of Policy Compass, an EU research project. The practical usage example on interest rate policy shows the potential of FCMs as a policy impact modelling tool. Through the provision of a more intuitive and easier means of using open data based on FCM techniques, the Policy Compass project can play a critical role for both policy maker and lay public to evaluate the policy impact and prepare for future policy making.