4,470 research outputs found

    Fuzzy Logic and Its Uses in Finance: A Systematic Review Exploring Its Potential to Deal with Banking Crises

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    The major success of fuzzy logic in the field of remote control opened the door to its application in many other fields, including finance. However, there has not been an updated and comprehensive literature review on the uses of fuzzy logic in the financial field. For that reason, this study attempts to critically examine fuzzy logic as an effective, useful method to be applied to financial research and, particularly, to the management of banking crises. The data sources were Web of Science and Scopus, followed by an assessment of the records according to pre-established criteria and an arrangement of the information in two main axes: financial markets and corporate finance. A major finding of this analysis is that fuzzy logic has not yet been used to address banking crises or as an alternative to ensure the resolvability of banks while minimizing the impact on the real economy. Therefore, we consider this article relevant for supervisory and regulatory bodies, as well as for banks and academic researchers, since it opens the door to several new research axes on banking crisis analyses using artificial intelligence techniques

    Intelligent systems in manufacturing: current developments and future prospects

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    Global competition and rapidly changing customer requirements are demanding increasing changes in manufacturing environments. Enterprises are required to constantly redesign their products and continuously reconfigure their manufacturing systems. Traditional approaches to manufacturing systems do not fully satisfy this new situation. Many authors have proposed that artificial intelligence will bring the flexibility and efficiency needed by manufacturing systems. This paper is a review of artificial intelligence techniques used in manufacturing systems. The paper first defines the components of a simplified intelligent manufacturing systems (IMS), the different Artificial Intelligence (AI) techniques to be considered and then shows how these AI techniques are used for the components of IMS

    Data-driven Soft Sensors in the Process Industry

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    In the last two decades Soft Sensors established themselves as a valuable alternative to the traditional means for the acquisition of critical process variables, process monitoring and other tasks which are related to process control. This paper discusses characteristics of the process industry data which are critical for the development of data-driven Soft Sensors. These characteristics are common to a large number of process industry fields, like the chemical industry, bioprocess industry, steel industry, etc. The focus of this work is put on the data-driven Soft Sensors because of their growing popularity, already demonstrated usefulness and huge, though yet not completely realised, potential. A comprehensive selection of case studies covering the three most important Soft Sensor application fields, a general introduction to the most popular Soft Sensor modelling techniques as well as a discussion of some open issues in the Soft Sensor development and maintenance and their possible solutions are the main contributions of this work

    Neuro-fuzzy inference systems approach to decision support system for economic order quantity

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    Supply chain management (SCM) has a dynamic structure involving the constant flow of information, product, and funds among different participants. SCM is a complex process and most often characterized by uncertainty. Many values are stochastic and cannot be precisely determined and described by classical mathematical methods. Therefore, in solving real and complex problems individual methods of artificial intelligence are increasingly used, or their combination in the form of hybrid methods. This paper has proposed the decision support system for determining economic order quantity and order implementation based on Adaptive neuro-fuzzy inference systems - ANFIS. A combination of two concepts of artificial intelligence in the form of hybrid neuro-fuzzy method has been applied into the decision support system in order to exploit the individual advantages of both methods. This method can deal with complexity and uncertainty in SCM better than classical methods because they it stems from experts’ opinions. The proposed decision support system showed good results for determining the amount of economic order and it is presented as a successful tool for planning in SCM. Sensitivity analysis has been applied, which indicates that the decision sup- port system gives valid results. The proposed system is flexible and can be applied to various types of goods in SC

    AI and OR in management of operations: history and trends

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    The last decade has seen a considerable growth in the use of Artificial Intelligence (AI) for operations management with the aim of finding solutions to problems that are increasing in complexity and scale. This paper begins by setting the context for the survey through a historical perspective of OR and AI. An extensive survey of applications of AI techniques for operations management, covering a total of over 1200 papers published from 1995 to 2004 is then presented. The survey utilizes Elsevier's ScienceDirect database as a source. Hence, the survey may not cover all the relevant journals but includes a sufficiently wide range of publications to make it representative of the research in the field. The papers are categorized into four areas of operations management: (a) design, (b) scheduling, (c) process planning and control and (d) quality, maintenance and fault diagnosis. Each of the four areas is categorized in terms of the AI techniques used: genetic algorithms, case-based reasoning, knowledge-based systems, fuzzy logic and hybrid techniques. The trends over the last decade are identified, discussed with respect to expected trends and directions for future work suggested

    Neuro-fuzzy resource forecast in site suitability assessment for wind and solar energy: a mini review

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    Abstract:Site suitability problems in renewable energy studies have taken a new turn since the advent of geographical information system (GIS). GIS has been used for site suitability analysis for renewable energy due to its prowess in processing and analyzing attributes with geospatial components. Multi-criteria decision making (MCDM) tools are further used for criteria ranking in the order of influence on the study. Upon location of most appropriate sites, the need for intelligent resource forecast to aid in strategic and operational planning becomes necessary if viability of the investment will be enhanced and resource variability will be better understood. One of such intelligent models is the adaptive neuro-fuzzy inference system (ANFIS) and its variants. This study presents a mini-review of GIS-based MCDM facility location problems in wind and solar resource site suitability analysis and resource forecast using ANFIS-based models. We further present a framework for the integration of the two concepts in wind and solar energy studies. Various MCDM techniques for decision making with their strengths and weaknesses were presented. Country specific studies which apply GIS-based method in site suitability were presented with criteria considered. Similarly, country-specific studies in ANFIS-based resource forecasts for wind and solar energy were also presented. From our findings, there has been no technically valid range of values for spatial criteria and the analytical hierarchical process (AHP) has been commonly used for criteria ranking leaving other techniques less explored. Also, hybrid ANFIS models are more effective compared to standalone ANFIS models in resource forecast, and ANFIS optimized with population-based models has been mostly used. Finally, we present a roadmap for integrating GIS-MCDM site suitability studies with ANFIS-based modeling for improved strategic and operational planning

    Procurement model for copper and polymer electrical products

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    Procurement model for copper and polymer electrical products. Electrical cable structure (wire, insulation, filling and mantle) is in accordance with the technical specifications of individual cable components in terms of the incorporated materials. Materials used in cable manufacture are copper, aluminum, rubber and polyvinyl chloride. One of the key issues in managing the flow of goods pertains to the timing of procurement. The combination of the two concepts can take advantage of individual strengths of fuzzy logic and neural networks in hybrid systems of homogeneous structure. The model has high practical significance, as, with minor modifications, it can be applied in any enterprise responsible for managing the goods flows

    Procurement model for copper and polymer electrical products

    Get PDF
    Procurement model for copper and polymer electrical products. Electrical cable structure (wire, insulation, filling and mantle) is in accordance with the technical specifications of individual cable components in terms of the incorporated materials. Materials used in cable manufacture are copper, aluminum, rubber and polyvinyl chloride. One of the key issues in managing the flow of goods pertains to the timing of procurement. The combination of the two concepts can take advantage of individual strengths of fuzzy logic and neural networks in hybrid systems of homogeneous structure. The model has high practical significance, as, with minor modifications, it can be applied in any enterprise responsible for managing the goods flows
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