Artificial intelligence based system that converts the knowledge of an expert in a specific subject into a software code. This code can be merged with other such codes (based on the knowledge of other experts) and used for answering questions (queries) submitted through a computer. Expert systems typically consist of three parts: (1) a knowledge base which contains the information acquired by interviewing experts, and logic rules that govern how that information is applied; (2) an Inference engine that interprets the submitted problem against the rules and logic of information stored in the knowledge base; and an (3) Interface that allows the user to express the problem in a human language such as English. Despite its earlier high hopes, expert systems technology has found application only in areas where information can be reduced to a set of computational rules, such as insurance underwriting or some aspects of securities trading. Also called rule based system.
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