Multi-Attribute Utility Theory Decision-making Model
Not what you're looking for?
This solution is over 500 words and includes a reference. The solution includes a practical work example of changing to a new information technology system for storing and sharing documents. The multi-attribute utility theory is used to define how the decision was achieved; from defining the goal to achieving it. Four steps are defined and explanations on what occurred during each in this scenario is provided.
The textbook question was:
Provide an example of a decision you or your organization has made recently. Describe the steps taken in making the decision and analyze the process to determine what decision-making model was used. Explain your rationale.
Analyze the factors that determine how a decision or problem can be classified as into certain types.
Purchase this Solution
Solution Summary
This solution is over 500 words and includes a reference. The solution includes a practical work example of changing to a new information technology system for storing and sharing documents. The multi-attribute utility theory is used to define how the decision was achieved; from defining the goal to achieving it. Four steps are defined and explanations on what occurred during each in this scenario is provided.
Solution Preview
An example recently made by my employer was to install, train and have all employees utilize SharePoint for collaborative documents that are used by multiple people. The type of model used to resolve this was the multi-attribute utility theory (MAUT) - which may use mathematical and even informal data to decipher the best option to resolving an issue (see reference). There were four steps in this decision making scenario:
1. Define the problem
2. Brainstorm solutions
3. Evaluate options
4. Select and implement the solution
The first step in this decision was defining the problem - a lack of consistency in where and how documents were stored to be easily accessible. This problem was repeatedly proven on a multitude of important projects, such as a community newsletter and internal employee announcements. The individuals charged with ...
Purchase this Solution
Free BrainMass Quizzes
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Operations Management
This quiz tests a student's knowledge about Operations Management
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.