ICM (Independent Chip Model)
What it means
A model that converts tournament chips into prize value. With tiered payouts, losing chips hurts more than winning them helps: calling ranges get tighter. POKER AULA's courses are about cash games: ICM is mentioned only to explain why chip-EV ranges adjust in a tournament.
Example
On a tournament bubble, calling an all-in with a hand that has 52% equity can be a mistake even if it wins chips on average.
Also called: independent chip model
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