Abstract
Fuzzy logic has been serving the industry for decades by resolving the ambiguities that appear as a result of imprecise environment. High-stake decision-making processes require inputs from various stakeholders to incorporate. If the risk is high, as in the case of high investment decision making, a robust system of incorporating opinions from multiple stakeholders must be set in place in order to avoid any inconsistency or bad decisions. Fuzzy matrices and arithmetic can play a rescuer in such situations. In this chapter, the authors demonstrate a decision-making framework incorporating the use of fuzzy numbers and arithmetic to make critical decisions in strategic marketing and new product development. Forecasting in the domains of new products is an utmost complex and critical process because no relevant history is available owing to the product's ‘one-of-its-kind' nature. In such cases, computation via analogy is an interesting paradigm, which is also discussed in the chapter.
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