The expected monetary value for the i-th alternative in a decision problem with m alternatives and n states of nature is:

,

where

EMV_i = the expected monetary value for the i-th alternative; i = 1,2,…,m

p_j = the probability of the j-th state of nature; j = 1,2,…,n

v_ij = the payoff for the i-th alternative under the j-th state of nature