CASE STUDY FOR HEURISTIC MODEL ANALYSIS USING FUZZY LOGIC TO SOLVE UNCERTAINTY IN RISK MANAGEMENT

Abstract

A heuristic model using fuzzy simulator present on MATLAB software was designed to solve part of the uncertainty fuzzy nature and was tailored to handle aspects influencing the decision-making process in Risk Management. This model has been tested using the results of a case study in published World Applied Programming Journal for a gas transport at an island in the Gulf which applied fuzzy logic technique. Test results revealed that the uncertainty generated from the Model was sensitive to μ and σ of the original data, a finding which was not mentioned in the published work. This test confirmed that uncertainty is sensitive to different parameters such as μ and σ. Overall, The developed Heuristic Model’s results are more accurate than traditional QRA tools.