engleski

A Fuzzy Logic Approach to Decision Making

In the today’ s uncertain and dynamic environment, strategic planning is becoming even more important since strategic decisions could seriously impact the financial performance and status of a firm. In making a decision, the managers have to apply a range of criteria, but in some cases the criteria may not always satisfy the firm’ s goals and therefore, the decision makers have to deal with the issue of balancing different and sometimes conflicting criteria. In addition, managers find it difficult to judge whether e.g. a value of 0.3 is low, but they are at ease when requested to differentiate verbally between high, medium and low. In other words, in numerous occasions, they find it much easier to express themselves in linguistic terms rather than using numbers to measure an ambiguous event. However, linguistic variables per se contain ambiguity and multiplicity of meanings and therefore, the information obtained can be expressed as a range of fuzzy sets, instead of a single value in traditional methods, applying fuzzy logic seems to be the most appropriate method.

Decision making; business strategy; fuzzy logic; bidding

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