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Give at least 2 examples of situations when you use utility

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1. Give at least 2 examples of situations when you use utility to make decisions. For each example give at least 2 parameters that would affect your decision. For example, when purchasing a home you may have to decide between the one with the larger kitchen or the one with the larger closets. Or when purchasing an automobile, you must decide between the larger trunk or the one with four doors. You have to weigh the benefits from more storage space as compared to increased accessibility. Please use a different example from homes and cars. Be creative. We make these kinds of choices everyday.

2. You did such a great job in the 4th grade class last week that you have been invited back to explain diminishing marginal utility. Explain the concept in everyday language (not the textbook language) and give at least 2 examples that the class will understand.

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Two examples of situations when I use utility to make decisions.

1] Eating out. Two parameters I use for eating out are the average price per head for a meal and another parameter is the quality of that food. For instance, I might be able to find a low cost per head treating people to meals at a chain fast food restaurant, but I feel the food is of the lowest quality. However, I very elite, world-restaurant may cost $100 or more person than I want to spend even if I think the food is the very best. I balance these perhaps with a casual dining person that is better than fast food and costs more, but ...

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The expert gives two examples of situations when you use utility.

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Decision making tool

I need help seetting up the following information I'm using worksheets using the multi-attribution utility theory (MAUT) decision modeling tool. Information on how to prepare decision worksheets using this tool can be found at http://campus.murraystate.edu/academic/faculty/paula.waddill/PSY327/MAUT%20worksheet.doc (Please note: This website refers to a book by Halpren. This book is not needed to complete the assignment. All of the information needed is included on this site.)

The situation:

Many of the decisions being made by the new managers have led to problems. Senior management has been frustrated with the problems and has asked you to develop a plan to address this issue and help the new managers improve their decision making processes.

In preparing your proposal you felt it was important that all new managers learn how to use the MAUT decision modeling tool (identified in the web address above). You would like to have new managers use this decision making worksheet to map out the major decisions they have to make on the job.

To help illustrate the importance and effectiveness of the worksheets Im trying to:

Create two worksheets using the MAUT decision modeling tool. Each worksheet should illustrate a different job-related or business decision. If your new managers use these worksheets, will the decision "result" recommended by each worksheet help your new managers make objective or subjective decisions? Will they be rational or irrational? Can u also explain your answers in detail to me.

NOTE: The MAUT may be created in Excel.

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