Fuzzy Logic Applications in Computer Science and Mathematics

2Application of Fuzzy Logic in the Context of Risk Management

Sudipta Adhikary* and Kaushik Banerjee

Department of LAW, Brainware University, Barasat, West Bengal, India

Abstract

There have been numerous successful applications of industrial risk analysis to power, nuclear, petroleum, and chemical sites since the end of World War II. Every one of us will encounter situations in the course of a typical day where we will instinctively try to avoid taking measures to lessen or manage potential danger. The objective of a risk calculation is to identify and quantify the potential dangers associated with a certain situation or event. Assessing the potential for harm and identifying the specific elements that pose the greatest threat is the primary goal of risk management. The goal of this risk assessment procedure is to quantify risks and select suitable controls. In this research, we apply fuzzy logic to the problem for creating a fuzzy model that may be used to better handle the uncertainties that crop up at every stage of the risk calculation procedure.

Keywords: Risk management, fuzzy logic, fuzzy model, risk calculation, matrix

2.1 Introduction

Very often, we confronted with a variety of situations that prompt us to think in terms of eliminating or at least mitigating risk.

Figure 2.1 Evaluation of risk as it occurs.

Risk evaluation and assessment can be done by maintaining ...