Fuzzy Cognitive Maps for Engineering and Technology Management: What Works in Practice?

Due to a lack of available data, many early planning decisions in engineering and technology management have to be based on experts' opinions and their qualitative statements about evolving technologies, markets and general business environments. Several authors have suggested the use of fuzzy cognitive maps (FCMs) to analytically support these decisions with simulation models that can cope with qualitative information. However, only little practice experience is documented. Based on multiple case studies and an extensive literature review, the paper reviews the state-of-the-art of FCM-practice and introduces a six-step guideline for practitioners and researchers who wish to apply FCMs to real-world problems