What is an Erned Value Method ?

I don’t undestand how to calculate the EMV ?
if i has two projects like bellow :
_________________________________________________
Project | Chance of Winning | Estimated Profit
———|———————|—————–
Project1 | 50 percent | $120,000
| 50 percent | -$50,000
| |
Project2 | 30 percent | $100,000
| 40 percent | $50,000
| 30 percent | -$60,000

i want you use the projects value as above to make a example for me ?
and which project would bid , why ?

Thank you in advance .