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Levels of hierarchical systems are characterized by different degrees of detail and are capable of mathematical modeling with the aid of the fuzzy‐set theory. The degree of fuzziness is proposed as the means for this characterization, and is examined for different systems drawn from life and from various sciences.

The purpose of this paper is to explore the nature and significance of flexibility in decisions about education and training options. This is done through an examination of the relevance of real options valuation (ROV) to our understanding of educational and training choices. Through this examination, the paper aims to contribute to the debate about how we can better advise and support people making such decisions.

The research involved three overlapping stages: a critical examination of the theoretical work on flexibility in decisions; a review of the literature on the role and significance of flexibility in education and training decisions; and an application of the lessons of ROV to the analysis of decisions about education, training and careers.

The analysis of the theoretical work on flexibility alongside the review of the literature on education and training decision‐making, demonstrated that there was little current application of theory to the analysis of such choices. Reviewing the literature, it was discovered that ROV held significant lessons for the analysis of education and training decisions, and important practical implications for the support and guidance of people making these choices.

This is the first study to apply the principles of ROV to educational and training choices.