Decision making under risk, a more common occurrence $,$ relies on probabilities. Several possible states of nature may occur each with an assumed probability. The states of nature must mutually exclusive and collectively exhaustive and their probabilities must sum to one. Given a decision table with payoff and probability assessments for all states of nature, we can determine the expected monetary value $($EMV $)$ for each alternative $.$ Expected monetary value is: maximum value or return for each alternative that can be achieved under ideal set of consequences minimum value or return for each alternative that can be achieved under unfavorable set of consequences $.$ average value or return across all alternatives $.$ expected value or mean return for each alternative if we could repeat this decision a large number of times $.$