Enhancing business decisions with neurofuzzy technology

Abstract

In the modern era of globalization and dynamism, organizations have to make intelligent but complex decisions. Computer applications are being used to aid in this complex decision-making process, but there is one big limitation to it. Computers lack fair judgment and expertise that a human expert possesses. In order to overcome this problem, soft computing techniques can be used. This paper discusses potential uses of a technique known as 'Neurofuzzy Technology' in improving decision-making. To establish a basis for conceptual understanding, the paper discusses Fuzzy Logic, Neural Networks and Neurofuzzy technologies in general, and then proposes how Neurofuzzy Technology can be used for decision-making. With these theoretical bases, a model is developed to demonstrate the usefulness of Neurofuzzy Technology in business decisions. This model is developed from a sample data file using Fuzzy Technology. The data is later used to train the system by using Neural Net technology. The trained data is evaluated to check the performance of the system in terms of accuracy of results obtained. © 2008 Springer-Verlag.