The International Speech Communication Association (ISCA) is a non-profit organization and one of the two main professional associations for speech communication science and technology, the other association being the IEEE Signal Processing Society. == Purpose == The purpose of the International Speech Communication Association (ISCA) is to promote the study and application of automatic speech processing, including speech recognition and synthesis, as well as related areas such as speaker recognition and speech compression. The association's activities cover all aspects of speech processing, including computational, linguistic, and theoretical aspects. The primary goal of the International Speech Communication Association (ISCA) is to advance the field of automatic speech processing and communication technology through research, education, and collaboration. By promoting the study and application of speech technologies such as speech recognition, speech synthesis, speaker recognition, and speech compression, ISCA aims to foster innovation and development in the areas of human-computer interaction, telecommunications, and multimedia applications. ISCA serves as a platform for researchers, academics, industry professionals, and students to exchange knowledge, share best practices, and foster interdisciplinary dialogue in the field of speech communication science. Through conferences, workshops, publications, and educational initiatives, ISCA seeks to enhance the understanding of speech processing mechanisms, improve the accuracy and efficiency of speech technologies, and explore new frontiers in the realm of human language communication. Furthermore, ISCA plays a crucial role in promoting international collaboration and networking among professionals in the speech communication community. By facilitating partnerships and cooperation between individuals and organizations worldwide, ISCA seeks to drive global progress in speech technology research and application, ultimately contributing to the advancement of communication systems, accessibility tools, and interactive interfaces that benefit society as a whole. == Conferences == ISCA organizes yearly the Interspeech conference. Most recent Interspeech: 2013 Lyon, France 2014 Singapore 2015 Dresden, Germany 2016 San Francisco, US 2017 Stockholm, Sweden 2018 Hyderabad, India 2019 Graz, Austria 2020 Shanghai, China (fully virtual) 2021 Brno, Czechia (hybrid) 2022 Incheon, South Korea 2023 Dublin, Ireland 2023 Kos Island, Greece Forthcoming Interspeech: 2025 Rotterdam, the Netherlands == ISCA board == The ISCA president for 2023-2025 is Odette Scharenborg. The vice president is Bhuvana Ramabhadran and the other members are professionals in the field. == History of ISCA == The precursor to Interspeech was a conference called Eurospeech, first held in 1989 and organised by Jean-Pierre Tubach. It was the conference of the European Speech Communication Association (ESCA), itself the precursor of the International Speech Communication Association (ISCA). A year later another conference on speech science and technology was started: the International Conference on Spoken Language Processing (ICSLP), which was founded in 1990 by Hiroya Fujisaki. The first ISCA (vs. ESCA) event was the merging of Eurospeech and ICSLP to create ICSLP-Interspeech, held in Beijing, China in 2000. This was followed by Eurospeech-Interspeech, which was held in Aalborg, Denmark in 2001. In 2007, the Eurospeech and ICSLP parts of the conference names were dropped and Interspeech became the name of the yearly conference (first Interspeech location: Antwerp, Belgium).
Simple interactive object extraction
Simple interactive object extraction (SIOX) is an algorithm for extracting foreground objects from color images and videos with very little user interaction. It has been implemented as "foreground selection" tool in the GIMP (since version 2.3.3), as part of the tracer tool in Inkscape (since 0.44pre3), and as function in ImageJ and Fiji (plug-in). Experimental implementations were also reported for Blender and Krita. Although the algorithm was originally designed for videos, virtually all implementations use SIOX primarily for still image segmentation. In fact, it is often said to be the current de facto standard for this task in the open-source world. Initially, a free hand selection tool is used to specify the region of interest. It must contain all foreground objects to extract and as few background as possible. The pixels outside the region of interest form the sure background while the inner region define a superset of the foreground, i.e. the unknown region. A so-called foreground brush is then used to mark representative foreground regions. The algorithm outputs a selection mask. The selection can be refined by either adding further foreground markings or by adding background markings using the background brush. Technically, the algorithm performs the following steps: Create a set of representative colors for sure foreground and sure background, the so-called color signatures. Assign all image points to foreground or background by a weighted nearest neighbor search in the color signatures. Apply some standard image processing operations like erode, dilate, and blur to remove artifacts. Find the connected foreground components that are either large enough or marked by the user. For video segmentation the sure background and sure foreground regions are learned from motion statistics. SIOX also features tools that allow sub-pixel accurate refinement of edges and high texture areas, the so-called "detail refinement brushes". As with all segmentation algorithms, there are always pictures where the algorithm does not yield perfect results. The most critical drawback of SIOX is the color dependence. Although many photos are well-separable by color, the algorithm cannot deal with camouflage. If the foreground and background share many identical shades of similar colors, the algorithm might give a result with parts missing or incorrectly classified foreground. SIOX performs about equally well on different benchmarks compared to graph-based segmentation methods, such as Grabcut. SIOX is, however, more noise robust and can therefore also be used for the segmentation of videos. Graph-based segmentation methods search for a minimum cut and therefore tend to not perform optimally with complex structures. The algorithm has initially been developed at the department of computer science at Freie Universitaet Berlin. The main developer, Gerald Friedland, is now faculty at the EECS department of the University of California at Berkeley and also a Principal Data Scientist at Lawrence Livermore National Lab. He continues to support the development through mentoring, e.g. in the Google Summer of Code.
Argüman
Argüman is a free and open source software for collective structured argumentation and argument analysis via argumentation graphs or argument maps in which the type of connections can be specified. It allows users to create collaborative "semantic maps" of arguments in well structured tree formats and share them with an audience and potential participants. Arguman.org was an open structured social debate platform that implemented the software. It is down as of 2023. There also is a mobile version of the tool. The project was started, in 2014, and largely built by developers in Turkey. Some studies used or investigated excerpts of argumentations on the platform. Unlike the larger and functional alternative Kialo, which is structured using only 'Pro' and 'Con' relations, argüman arguments are structured by three types of premises – 'because', 'but', and 'however'. As of the latest version, debates are presented in their entirety as a large tree which may be harder to navigate than other formats – for instance, trees "can become extremely dense, and the interface does not make it obvious which arguments the user should pay attention to". Users can also flag arguments for fallacies. Arguman.org also had a Turkish-language subdomain. A researcher suggested the concept of the Semantic Web-interoperability could be useful for argumentative structures on the Web, going beyond the conventional flat structures of discussions and lack of characterizations of their components as implemented in argüman. There is research into how to automatically use these collaborative argumentation graphs, which is a "very active" topic in Artificial Intelligence. There also is research into applying conclusion-making methods to the debates or their data, such as bipolar weighted argumentation frameworks – this could be a way to find out what the current conclusion of debates like "Computer Science is not actually a science" is. A study suggests it could be useful for the development of critical thinking skills.
Thompson sampling
Thompson sampling, named after William R. Thompson, is a heuristic for choosing actions that address the exploration–exploitation dilemma in the multi-armed bandit problem. It consists of choosing the action that maximizes the expected reward with respect to a randomly drawn belief. == Description == Consider a set of contexts X {\displaystyle {\mathcal {X}}} , a set of actions A {\displaystyle {\mathcal {A}}} , and rewards in R {\displaystyle \mathbb {R} } . The aim of the player is to play actions under the various contexts, such as to maximize the cumulative rewards. Specifically, in each round, the player obtains a context x ∈ X {\displaystyle x\in {\mathcal {X}}} , plays an action a ∈ A {\displaystyle a\in {\mathcal {A}}} and receives a reward r ∈ R {\displaystyle r\in \mathbb {R} } following a distribution that depends on the context and the issued action. The elements of Thompson sampling are as follows: a likelihood function P ( r | θ , a , x ) {\displaystyle P(r|\theta ,a,x)} ; a set Θ {\displaystyle \Theta } of parameters θ {\displaystyle \theta } of the distribution of r {\displaystyle r} ; a prior distribution P ( θ ) {\displaystyle P(\theta )} on these parameters; past observations triplets D = { ( x ; a ; r ) } {\displaystyle {\mathcal {D}}=\{(x;a;r)\}} ; a posterior distribution P ( θ | D ) ∝ P ( D | θ ) P ( θ ) {\displaystyle P(\theta |{\mathcal {D}})\propto P({\mathcal {D}}|\theta )P(\theta )} , where P ( D | θ ) {\displaystyle P({\mathcal {D}}|\theta )} is the likelihood function. Thompson sampling consists of playing the action a ∗ ∈ A {\displaystyle a^{\ast }\in {\mathcal {A}}} according to the probability that it maximizes the expected reward; action a ∗ {\displaystyle a^{\ast }} is chosen with probability ∫ I [ E ( r | a ∗ , x , θ ) = max a ′ E ( r | a ′ , x , θ ) ] P ( θ | D ) d θ , {\displaystyle \int \mathbb {I} \left[\mathbb {E} (r|a^{\ast },x,\theta )=\max _{a'}\mathbb {E} (r|a',x,\theta )\right]P(\theta |{\mathcal {D}})d\theta ,} where I {\displaystyle \mathbb {I} } is the indicator function. In practice, the rule is implemented by sampling. In each round, parameters θ ∗ {\displaystyle \theta ^{\ast }} are sampled from the posterior P ( θ | D ) {\displaystyle P(\theta |{\mathcal {D}})} , and an action a ∗ {\displaystyle a^{\ast }} chosen that maximizes E [ r | θ ∗ , a ∗ , x ] {\displaystyle \mathbb {E} [r|\theta ^{\ast },a^{\ast },x]} , i.e. the expected reward given the sampled parameters, the action, and the current context. Conceptually, this means that the player instantiates their beliefs randomly in each round according to the posterior distribution, and then acts optimally according to them. In most practical applications, it is computationally onerous to maintain and sample from a posterior distribution over models. As such, Thompson sampling is often used in conjunction with approximate sampling techniques. == History == Thompson sampling was originally described by Thompson in 1933. It was subsequently rediscovered numerous times independently in the context of multi-armed bandit problems. A first proof of convergence for the bandit case has been shown in 1997. The first application to Markov decision processes was in 2000. A related approach (see Bayesian control rule) was published in 2010. In 2010 it was also shown that Thompson sampling is instantaneously self-correcting. Asymptotic convergence results for contextual bandits were published in 2011. Thompson Sampling has been widely used in many online learning problems including A/B testing in website design and online advertising, and accelerated learning in decentralized decision making. A Double Thompson Sampling (D-TS) algorithm has been proposed for dueling bandits, a variant of traditional MAB, where feedback comes in the form of pairwise comparison. == Relationship to other approaches == === Probability matching === Probability matching is a decision strategy in which predictions of class membership are proportional to the class base rates. Thus, if in the training set positive examples are observed 60% of the time, and negative examples are observed 40% of the time, the observer using a probability-matching strategy will predict (for unlabeled examples) a class label of "positive" on 60% of instances, and a class label of "negative" on 40% of instances. === Bayesian control rule === A generalization of Thompson sampling to arbitrary dynamical environments and causal structures, known as Bayesian control rule, has been shown to be the optimal solution to the adaptive coding problem with actions and observations. In this formulation, an agent is conceptualized as a mixture over a set of behaviours. As the agent interacts with its environment, it learns the causal properties and adopts the behaviour that minimizes the relative entropy to the behaviour with the best prediction of the environment's behaviour. If these behaviours have been chosen according to the maximum expected utility principle, then the asymptotic behaviour of the Bayesian control rule matches the asymptotic behaviour of the perfectly rational agent. The setup is as follows. Let a 1 , a 2 , … , a T {\displaystyle a_{1},a_{2},\ldots ,a_{T}} be the actions issued by an agent up to time T {\displaystyle T} , and let o 1 , o 2 , … , o T {\displaystyle o_{1},o_{2},\ldots ,o_{T}} be the observations gathered by the agent up to time T {\displaystyle T} . Then, the agent issues the action a T + 1 {\displaystyle a_{T+1}} with probability: P ( a T + 1 | a ^ 1 : T , o 1 : T ) , {\displaystyle P(a_{T+1}|{\hat {a}}_{1:T},o_{1:T}),} where the "hat"-notation a ^ t {\displaystyle {\hat {a}}_{t}} denotes the fact that a t {\displaystyle a_{t}} is a causal intervention (see Causality), and not an ordinary observation. If the agent holds beliefs θ ∈ Θ {\displaystyle \theta \in \Theta } over its behaviors, then the Bayesian control rule becomes P ( a T + 1 | a ^ 1 : T , o 1 : T ) = ∫ Θ P ( a T + 1 | θ , a ^ 1 : T , o 1 : T ) P ( θ | a ^ 1 : T , o 1 : T ) d θ {\displaystyle P(a_{T+1}|{\hat {a}}_{1:T},o_{1:T})=\int _{\Theta }P(a_{T+1}|\theta ,{\hat {a}}_{1:T},o_{1:T})P(\theta |{\hat {a}}_{1:T},o_{1:T})\,d\theta } , where P ( θ | a ^ 1 : T , o 1 : T ) {\displaystyle P(\theta |{\hat {a}}_{1:T},o_{1:T})} is the posterior distribution over the parameter θ {\displaystyle \theta } given actions a 1 : T {\displaystyle a_{1:T}} and observations o 1 : T {\displaystyle o_{1:T}} . In practice, the Bayesian control amounts to sampling, at each time step, a parameter θ ∗ {\displaystyle \theta ^{\ast }} from the posterior distribution P ( θ | a ^ 1 : T , o 1 : T ) {\displaystyle P(\theta |{\hat {a}}_{1:T},o_{1:T})} , where the posterior distribution is computed using Bayes' rule by only considering the (causal) likelihoods of the observations o 1 , o 2 , … , o T {\displaystyle o_{1},o_{2},\ldots ,o_{T}} and ignoring the (causal) likelihoods of the actions a 1 , a 2 , … , a T {\displaystyle a_{1},a_{2},\ldots ,a_{T}} , and then by sampling the action a T + 1 ∗ {\displaystyle a_{T+1}^{\ast }} from the action distribution P ( a T + 1 | θ ∗ , a ^ 1 : T , o 1 : T ) {\displaystyle P(a_{T+1}|\theta ^{\ast },{\hat {a}}_{1:T},o_{1:T})} . === Upper-confidence-bound (UCB) algorithms === Thompson sampling and upper-confidence bound algorithms share a fundamental property that underlies many of their theoretical guarantees. Roughly speaking, both algorithms allocate exploratory effort to actions that might be optimal and are in this sense "optimistic". Leveraging this property, one can translate regret bounds established for UCB algorithms to Bayesian regret bounds for Thompson sampling or unify regret analysis across both these algorithms and many classes of problems.
True Love (short story)
"True Love" is a science fiction short story by American writer Isaac Asimov. It was first published in the February 1977 issue of American Way magazine and reprinted in the collections The Complete Robot (1982) and Robot Dreams (1986). In his autobiography In Joy Still Felt, the author states that American Way had requested a Valentine's Day story from him for its February 1977 issue, and that he wrote the story to console himself after the departure of his daughter following a visit during the 1976 Thanksgiving weekend. == Plot summary == Milton Davidson is trying to find his ideal partner. To do this, he prepares a special computer program to run on Multivac, which he calls Joe, which has access to databases covering the entire populace of the world. He hopes that Joe will find him his ideal match, based on physical parameters as supplied. Milton arranges to have the shortlisted candidates assigned to work with him for short periods, but realises that looks alone are not enough to find an ideal match. In order to correlate personalities, he speaks at great length to Joe, gradually filling Joe's databanks with information about his personality. In doing so, Joe develops the personality of Milton. Upon finding an ideal match, he arranges to have Milton arrested for malfeasance, so that Joe can 'have the girl' for himself.
Morphing
Morphing is a special effect in motion pictures and animations that changes (or morphs) one image or shape into another through a seamless transition. Traditionally such a depiction would be achieved through dissolving techniques on film. Since the early 1990s, this has been replaced by computer software to create more realistic transitions. A similar method is applied to audio recordings, for example, by changing voices or vocal lines. == Early transformation techniques == Long before digital morphing, several techniques were used for similar image transformations. Some of those techniques are closer to a matched dissolve – a gradual change between two pictures without warping the shapes in the images – while others did change the shapes in between the start and end phases of the transformation. === Tabula scalata === Known since at least the end of the 16th century, Tabula scalata is a type of painting with two images divided over a corrugated surface. Each image is only correctly visible from a certain angle. If the pictures are matched properly, a primitive type of morphing effect occurs when changing from one viewing angle to the other. === Mechanical transformations === Around 1790 French shadow play showman François Dominique Séraphin used a metal shadow figure with jointed parts to have the face of a young woman changing into that of a witch. Some 19th century mechanical magic lantern slides produced changes to the appearance of figures. For instance a nose could grow to enormous size, simply by slowly sliding away a piece of glass with black paint that masked part of another glass plate with the picture. === Matched dissolves === In the first half of the 19th century "dissolving views" were a popular type of magic lantern show, mostly showing landscapes gradually dissolving from a day to night version or from summer to winter. Other uses are known, for instance Henry Langdon Childe showed groves transforming into cathedrals. The 1910 short film Narren-grappen shows a dissolve transformation of the clothing of a female character. Maurice Tourneur's 1915 film Alias Jimmy Valentine featured a subtle dissolve transformation of the main character from respected citizen Lee Randall into his criminal alter ego Jimmy Valentine. The Peter Tchaikovsky Story in a 1959 TV-series episode of Disneyland features a swan automaton transforming into a real ballet dancer. In 1985, Godley & Creme created a "morph" effect using analogue cross-fades on parts of different faces in the video for "Cry". === Animation === In animation, the morphing effect was created long before the introduction of cinema. A phenakistiscope designed by its inventor Joseph Plateau was printed around 1835 and shows the head of a woman changing into a witch and then into a monster. Émile Cohl's 1908 animated film Fantasmagorie featured much morphing of characters and objects drawn in simple outlines. == Digital morphing == In the early 1990s, computer techniques capable of more convincing results saw increasing use. These involved distorting one image at the same time that it faded into another through marking corresponding points and vectors on the "before" and "after" images used in the morph. For example, one would morph one face into another by marking key points on the first face, such as the contour of the nose or location of an eye, and mark where these same points existed on the second face. The computer would then distort the first face to have the shape of the second face at the same time that it faded the two faces. To compute the transformation of image coordinates required for the distortion, the algorithm of Beier and Neely can be used. === Concerns === In 1993 concerns were raised about the authenticity of digitally altered images arising from morphing. Images of fake "tween" people found half way between two morphed people created a skeptical media long before AI. === Early examples === In or before 1986, computer graphics company Omnibus created a digital animation for a Tide commercial with a Tide detergent bottle smoothly morphing into the shape of the United States. The effect was programmed by Bob Hoffman. Omnibus re-used the technique in the movie Flight of the Navigator (1986). It featured scenes with a computer generated spaceship that appeared to change shape. The plaster cast of a model of the spaceship was scanned and digitally modified with techniques that included a reflection mapping technique that was also developed by programmer Bob Hoffman. The 1986 movie The Golden Child implemented early digital morphing effects from animal to human and back. Willow (1988) featured a more detailed digital morphing sequence with a person changing into different animals. A similar process was used a year later in Indiana Jones and the Last Crusade to create Walter Donovan's gruesome demise. Both effects were created by Industrial Light & Magic, using software developed by Tom Brigham and Doug Smythe (AMPAS). In 1991, morphing appeared notably in the Michael Jackson music video "Black or White" and in the movies Terminator 2: Judgment Day and Star Trek VI: The Undiscovered Country. The first application for personal computers to offer morphing was Gryphon Software Morph on the Macintosh. Other early morphing systems included ImageMaster, MorphPlus and CineMorph, all of which premiered for the Amiga in 1992. Other programs became widely available within a year, and for a time the effect became common to the point of cliché. For high-end use, Elastic Reality (based on MorphPlus) saw its first feature film use in In The Line of Fire (1993) and was used in Quantum Leap (work performed by the Post Group). At VisionArt Ted Fay used Elastic Reality to morph Odo for Star Trek: Deep Space Nine. The Snoop Dogg music video "Who Am I? (What's My Name?)", where Snoop Dogg and the others morph into dogs. Elastic Reality was later purchased by Avid, having already become the de facto system of choice, used in many hundreds of films. The technology behind Elastic Reality earned two Academy Awards in 1996 for Scientific and Technical Achievement going to Garth Dickie and Perry Kivolowitz. The effect is technically called a "spatially warped cross-dissolve". The first social network designed for user-generated morph examples to be posted online was Galleries by Morpheus. In late 1991 Yeti Productions employed a young Stephen Regelous to run it's 486 computer graphics system in Wellington New Zealand. After producer Barry Thomas showed him Michael Jackson's "Black or White", Regelous wrote 10,000 lines of C++ code of triangle-based digital morphing software. Together they created morphing based TV commercials for The NZ Cancer Society, Fit food, Salvation Army and others. The Fit food commercial employed morphing with 35mm, pin registered, digitally controlled motion control designed and made by Russell Collins with software by Stephen Regelous. In Taiwan, Aderans, a hair loss solutions provider, did a TV commercial featuring a morphing sequence in which people with lush, thick hair morph into one another, reminiscent of the end sequence of the "Black or White" video. === Present use === Morphing algorithms continue to advance and programs can automatically morph images that correspond closely enough with relatively little instruction from the user. This has led to the use of morphing techniques to create convincing slow-motion effects where none existed in the original film or video footage by morphing between each individual frame using optical flow technology. Morphing has also appeared as a transition technique between one scene and another in television shows, even if the contents of the two images are entirely unrelated. The algorithm in this case attempts to find corresponding points between the images and distort one into the other as they crossfade. While perhaps less obvious than in the past, morphing is used heavily today. Whereas the effect was initially a novelty, today, morphing effects are most often designed to be seamless and invisible to the eye. A particular use for morphing effects is modern digital font design. Using morphing technology, called interpolation or multiple master tech, a designer can create an intermediate between two styles, for example generating a semibold font by compromising between a bold and regular style, or extend a trend to create an ultra-light or ultra-bold. The technique is commonly used by font design studios. == Software == After Effects Animate Elastic Reality FantaMorph Gryphon Software Morph Morph Age Morpheus Nuke SilhouetteFX
Fuzzy pay-off method for real option valuation
The fuzzy pay-off method for real option valuation (FPOM or pay-off method) is a method for valuing real options, developed by Mikael Collan, Robert Fullér, and József Mezei; and published in 2009. It is based on the use of fuzzy logic and fuzzy numbers for the creation of the possible pay-off distribution of a project (real option). The structure of the method is similar to the probability theory based Datar–Mathews method for real option valuation, but the method is not based on probability theory and uses fuzzy numbers and possibility theory in framing the real option valuation problem. == Method == The Fuzzy pay-off method derives the real option value from a pay-off distribution that is created by using three or four cash-flow scenarios (most often created by an expert or a group of experts). The pay-off distribution is created simply by assigning each of the three cash-flow scenarios a corresponding definition with regards to a fuzzy number (triangular fuzzy number for three scenarios and a trapezoidal fuzzy number for four scenarios). This means that the pay-off distribution is created without any simulation whatsoever. This makes the procedure easy and transparent. The scenarios used are a minimum possible scenario (the lowest possible outcome), the maximum possible scenario (the highest possible outcome) and a best estimate (most likely to happen scenario) that is mapped as a fully possible scenario with a full degree of membership in the set of possible outcomes, or in the case of four scenarios used - two best estimate scenarios that are the upper and lower limit of the interval that is assigned a full degree of membership in the set of possible outcomes. The main observations that lie behind the model for deriving the real option value are the following: The fuzzy NPV of a project is (equal to) the pay-off distribution of a project value that is calculated with fuzzy numbers. The mean value of the positive values of the fuzzy NPV is the "possibilistic" mean value of the positive fuzzy NPV values. Real option value, ROV, calculated from the fuzzy NPV is the "possibilistic" mean value of the positive fuzzy NPV values multiplied with the positive area of the fuzzy NPV over the total area of the fuzzy NPV. The real option formula can then be written simply as: R O V = A ( P o s ) A ( P o s ) + A ( N e g ) × E [ A + ] {\displaystyle \mathrm {ROV} ={\frac {A(\mathrm {Pos} )}{A(\mathrm {Pos} )+A(\mathrm {Neg} )}}\times E[A_{+}]} where A(Pos) is the area of the positive part of the fuzzy distribution, A(Neg) is the area of the negative part of the fuzzy distribution, and E[A+] is the mean value of the positive part of the distribution. It can be seen that when the distribution is totally positive, the real options value reduces to the expected (mean) value, E[A+]. As can be seen, the real option value can be derived directly from the fuzzy NPV, without simulation. At the same time, simulation is not an absolutely necessary step in the Datar–Mathews method, so the two methods are not very different in that respect. But what is totally different is that the Datar–Mathews method is based on probability theory and as such has a very different foundation from the pay-off method that is based on possibility theory: the way that the two models treat uncertainty is fundamentally different. == Use of the method == The pay-off method for real option valuation is very easy to use compared to the other real option valuation methods and it can be used with the most commonly used spreadsheet software without any add-ins. The method is useful in analyses for decision making regarding investments that have an uncertain future, and especially so if the underlying data is in the form of cash-flow scenarios. The method is less useful if optimal timing is the objective. The method is flexible and accommodates easily both one-stage investments and multi-stage investments (compound real options). The method has been taken into use in some large international industrial companies for the valuation of research and development projects and portfolios. In these analyses triangular fuzzy numbers are used. Other uses of the method so far are, for example, R&D project valuation IPR valuation, valuation of M&A targets and expected synergies, valuation and optimization of M&A strategies, valuation of area development (construction) projects, valuation of large industrial real investments. The use of the pay-off method is lately taught within the larger framework of real options, for example at the Lappeenranta University of Technology and at the Tampere University of Technology in Finland.