The Z-number is a new fuzzy-theoretic concept, proposed by Zadeh in 2011. It extends the basic philosophy of Computing With Words (CWW) to include the perception of uncertainty of the information conveyed by a natural language statement. The Z-number thus, serves as a model of linguistic summarization of natural language statements, a technique to merge human-affective perspectives with CWW, and consequently can be envisaged to play a radical role in the domain of CWW-based system design and Natural Language Processing (NLP). This article presents a comprehensive investigation of the Z-number approach to CWW. We present here: a) an outline of our understanding of the generic architecture, algorithm and challenges underlying CWW in general; b) a detailed study of the Z-number methodology -where we propose an algorithm for CWW using Z-numbers, define a Z-number based operator for the evaluation of the level of requirement satisfaction, and describe simulation experiments of CWW utilizing Z-numbers; and c) analyse the strengths and the challenges of the Z-numbers, and suggest possible solution strategies. We believe that this article would inspire research on the need for inclusion of human-behavioural aspects into CWW, as well as the integration of CWW and NLP.A system based on CWW, takes as input a set of natural language sentences that describes an event, and presents as output the corresponding response in the natural language as well.The generic architecture for a system that computes with words is hence, as is shown in Figure 1. The components of the architecture are:(i) The Encoder, processes through the two levels of CWW to translate input sentences to the corresponding antecedent constraints, i.e., the inputs are precisiated into some symbolic form (S) as is processed by the system -reminiscent of Russell's concept of philosophical logic;(ii) The Rule Base consists of the antecedent-consequent event relationships, typical to the context of discourse. The rule base may be in the form of an Explanatory Database (ED);(iii) The Inference Engine, in conjunction with the rule base is instrumental in processing the antecedent constraints to arrive at the consequent results. These results are in the symbolic form S';(iv) The Decoder translates S' into words that can be frame semantically correct natural language sentences.