Determination of enterprise value by using the fuzzy pay-off method for real option valuation

In the article there is the possibility of application of the fuzzy pay-off method presented in calculating the company value of a mining enterprise. This method was used in the method of valuation called DCF. The application of fuzzy sets allows to limit the amount of analyses to three scenarios. The scenarios correspond to, respectively, the worst situation, the most probable and most advantageous, in relation with a particular strategy. The result obtained is also the effect of similar form, therefore we obtain the values concerning the following scenarios: the best, the worst, and the most probable. The fuzzy number is turned into one particular indirect value taking into account all the scenarios. The application of fuzzy numbers also enables comparing the two different scenarios realized in the various strategies.