Risk Management - What is Expected Monetary Value? (EMV)

4.0 (2)

23 learners

What you'll learn

This course includes

13.3 hours of video
Certificate of completion
Access on mobile and TV

Summary

Keywords

expected monetary value expected monetary value analysis emv formula pmp emv emv formula emv risk management risk analysis risk analysis emv project management decision tree analysis project management basics project management body of knowledge

Full Transcript

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/pm-skills-mastery 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] https://youtu.be/LC0jB1vL5xI 🎬 RISK MANAGEMENT 101: An Introduction to Project Risk Management https://youtu.be/Nwl7PquhU5U 🎬 How to Create a Risk Management Plan https://youtu.be/9MAHX2Wv8pk 🎬 What to Put in Your Risk Register (Risk Log) https://youtu.be/vkEPGFVVwfM 🎬 Project Risk Management - How to Manage Project Risk https://youtu.be/xXV_gjtXMSk 🎬 What is a Residual Risk & What is Secondary Risk? https://youtu.be/55OUxLk2f5M 🎬 Risk Identification: How to Identify Project Risks https://youtu.be/iELLdd6Yr4Y 🎒 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-project-manager-needs Note that the links are affiliated. 🎬 For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1 🎁 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: http://youtube.com/c/managementcourses 🎓 For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/ ⏱ 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