In this video, I answer the question, what is Expected Monetary Value, EMV? And we look at its use in risk management and decision theory.

🎓 Learn Project Management with Mike: The Project Manager's Skills Mastery Program - https://school.onlinepmcourses.com/p/...

Basic EMV
EMV = Likelihood x Cost Impact

Complex EMV
EMV = P1 x C1 + P2 x C2 + P3 x C3 …
EMV = ∑[Pi x Ci]

Recommended Videos
Carefully curated video recommendations for you:
🎬 Project Risk Management Briefing [Video Compilation]
   • Project Risk Management Briefing [Vid...  
🎬 RISK MANAGEMENT 101: An Introduction to Project Risk Management
   • RISK MANAGEMENT 101: An Introduction ...  
🎬 How to Create a Risk Management Plan
   • How to Create a Risk Management Plan  
🎬 What to Put in Your Risk Register (Risk Log)
   • What to Put in Your Risk Register (Ri...  
🎬 Project Risk Management - How to Manage Project Risk
   • Project Risk Management - How to Mana...  
🎬 What is a Residual Risk & What is Secondary Risk?
   • What is a Residual Risk & What is Sec...  
🎬 Risk Identification: How to Identify Project Risks
   • Risk Identification: How to Identify ...  

🎒 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list.
https://kit.co/MikeClayton/what-a-pro...
Note that the links are affiliated.

🎬 For more great Project Management videos, please subscribe to this channel:    / @onlinepmcourses  

🎁 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/

🏛 For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses:    / managementcourses  

🎓 For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-acad...

⏱ Chapter Markers...
00:00 - What is Expected Monetary Value (EMV)?
00:13 - Risk and Risk Measurement
01:25 - Expected Value of a Risk
01:44 - Expected Monetary Value - Simple
02:09 - Expected Monetary Value - Complex
03:38 - EMV for Decision Analysis
04:31 - Summary of Expected Monetary Value

#RiskManagement #ProjectManagement #ExpectedMonetaryValue