What are Fuzzy logic and its applications in business?

The conventional system uses Boolean logic (binary) which is either a 0 or a 1 (true or false). Fuzzy logic is the concept of partial truth which is all the values between 0 and 1. It differs from conventional (hard) computing in that it is tolerant of imprecision, uncertainty, partial truth and approximation. In effect, the role model for fuzzy logic is the human mind. With fuzzy logic, propositions can be represented with degrees of truthfulness and falsehood.
For example, the statement, “Today is sunny, might be 100 percent true if there are no clouds, 80 percent true if there are a few clouds, 50 percent true if it’s hazy, and 0 percent true if it rains all day.
It is very useful for decision making in business applications. The processes are focused on private corporate attempts at making money or decreasing expenses.
Some of the applications of fuzzy logic business are:
1. Investment risk Evaluation
2. Mortgage risk Evaluation
3. Product evaluation
4. Customer relationship management