The aim of this paper is to present the methodology, advantages and weakness of the fuzzy binomial
real option model as a complement to the probabilistic binomial model. The structure is as follow: first,
it shows the real option models classified into probabilistic and fuzzy. Second, it develops the binomial
fuzzy model, incorporating: the MAD method (Marketed Asset Disclaimer); fuzzy binomial lattice, and
the pessimistic-optimistic index for estimates of the real option expected value of the project (ROEV).
It illustrates, using a case comparing, the results obtained with the fuzzy and probabilistic model. It
concludes that in lack of information situations (ambiguity), the fuzzy logic is a complement of the
probabilistic model for estimates of the strategic flexibility value.
