It stands for Independent Chip Model. It's a mathematical model used primarily in tournament poker to evaluate the value of a player's chips concerning the tournament prize pool and their chances of finishing in various positions. ICM helps players make more informed decisions about their strategy in tournaments, especially when it comes to considerations like making a deal at the final table or when facing decisions that involve risk versus reward based on tournament equity. It's an essential tool for understanding the worth of chips in tournament situations and guides decision-making based on a player's chances of increasing their tournament equity.