EMV is a critical concept in decision-making, particularly when using decision trees. It involves predicting future monetary outcomes and their likelihood to guide strategic choices.
Financial feasibility refers to the ability of a proposed land use or change in land use to justify itself from an economic perspective. While it is one test of the highest and best use of land, it does not necessarily make a project the most rewarding use of the land.
Projects that are independent of each other in a comparative appraisal and are not mutually exclusive, allowing for the possibility of pursuing all given favorable circumstances.
