Managing Economic Uncertainty: Fuzzy Computational Models in International Oil Economy Forecasting

Abstract

Abstract The use of sophisticated computational models for economic forecasting and decision-making is on the rise. Several studies have compared the Hybridization Adaptive Fuzzy Inference System (HAFIS) which is proposed in this research to traditional approaches; this review looks at them all to show how HAFIS is better in several areas, including precision, flexibility, responsiveness, decision support, and long-term planning. The version's accuracy, responsiveness, flexibility, decision support, and strategic making plans talents are more suitable as the included system evolves in phases. The thorough exam of Economic Uncertainty, which is divided into 3 principal impacts: Geopolitical Events, Market Pressures, and Environmental Factors, is the critical process of HAFIS. All of these items integrate to form the unpredictable surroundings that the oil commercial enterprise works in. Economic facts is notoriously misguided, however that is all treated by means of a mixture of rule bases, fuzzy common sense operations. The complicated Forecasting Model, which includes modern Fuzzy Computational Models, is on the middle of this level and can react dynamically to the various troubles posed by means of economic unpredictability and global marketplace tendencies. The fashions use adaptive procedures and fuzzy logic to decipher complex patterns inside the oil enterprise's complex fabric. The endorsed HAFIS method is portrayed as a complete and flexible technique to the challenges of working inside the unpredictable worldwide oil market. The use of actual-world data within the simulation evaluation proved that HAFIS outperformed extra traditional techniques of predicting. Because of its flexibility and flexibility, HAFIS has the potential to generate accurate projections, making it a doubtlessly beneficial asset for everyone involved inside the oil enterprise. In the end, these studies will be of assistance to professionals working in the oil industry in navigating the complexities of the global oil economic system. This will be accomplished via the development of forecasting methodologies and the demonstration of how to realistically apply such models to actual global situations.