The application of fuzzy logic inference system in real estate valuation.
Abstract
The fuzzy logic system is adopted to evaluate situations of the market with imprecise(fuzzy) information which might be vital for property transaction decision making and so it is an alternative to the traditional probability based valuation methods like comparison method, profit method, cost method and such conventional methods1(S.S. Sandbhor,2016). In this research, a real estate valuation model that allows the management of imprecise information is investigated by a qualitative approach where the fuzzy logic awareness was investigated into amongst real estate valuers by subjecting a sample of practicing valuers to a
five question questionnaire to determine their awareness about fuzzy logic inference methods of valuation.
The findings ought to give a crew on whether valuers not only respect scenarios which have bounded answers like yes or no, but also consider other degrees of belonging to a set of bounded answers between( 0,1) for instance(0,0.1.0.2,0.3,0.4,0.5,0.6,0.7,0.8,0.9,1)