PMI-RMP Certification Training - EMV and Decision Tree Analysis

The video tutorial explains the concept of expected monetary value (EMV) and its application in risk management and decision tree analysis. EMV is calculated by multiplying the monetary value of an outcome by its probability. Decision trees help in selecting the best course of action by evaluating different paths based on their EMV. The tutorial provides an example of decision tree analysis, illustrating how to calculate EMV for different decisions and select the optimal path.

Describe how to evaluate a decision tree using expected monetary values.

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What do the circles and squares represent in a decision tree diagram?

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