Within the frame of real option B-S model, a real option model under fuzzy decision making environment is
proposed. Normal fuzzy numbers are used to describe the behavior of the evaluators. To calculate the weight of the each
evaluator and aggregate the evaluators’ judgments, closeness degree theory is applied. This model deals with the situation
that project’s investment decision is made by group evaluators and the evaluators’ judgment is fuzzy information, and the
model has more practical effectiveness than traditional ones. Finally, a numerical example is given to illustrate the model.