This paper analyzes the features of real options in risk investment decision and establishes a model of risk investment decision on the basis of real options.By means of Set Pair Analysis(SPA) and Collective Amount Statistics(CAS),this paper calculates the relevant coefficient from the perspectives of similarity,difference and reverse to identify the risk condition of Project I and II.The study shows that this method is effective and can be used as a reference for the risk investment companies and governmen...