The phrase expected monetary value analysis refers to a specific analytical technique in which a calculation is made to determine the average of all potential outcomes when the future includes a number of particular scenarios that may or may not ultimately happen. These scenarios can all be interpreted as potential happening individually, or they may happen in varying multitudes. One common utilization of this technique takes place within a technique such as decision tree analysis. It is also recommended that a project team utilize simulations and modeling when conducting a cost and/or a schedule risk analysis because it is in reality significantly more powerful and is typically subject to less erroneous application than other analytical methods such as monetary value analysis. The expected monetary value analysis, which also can be referred to by the anagram EMV. Can be conducted at any point in the life cycle of a project but should be done as early as possible.