utility

(noun)

In economics, utility is a representation of preferences over some set of goods and services. Preferences have a utility representation so long as they are transitive, complete, and continuous.

Related Terms

Examples of utility in the following topics:

  • Evidence-Based Management

    • Applying this to business simply means utilizing the scientific method, which integrates rigorous and objective hypothesis testing, in order to identify best practices.
    • Discuss the modern organizational theory perspective on utilizing evidence-based strategies, as is common in many science disciplines, to make business decisions

  • Applying the Decision Tree

    • This tells the decision maker which decision has the highest utility (i.e., is the most preferred) to the decision maker.
    • An end node is where a decision is made and its value or utility is identified.

  • Benefits of Strategic Planning: Focus, Action, Control, Coordination, and Time Management

    • If department A is reliant on inputs from department B, department A cannot utilize department B's work without coordination.
    • Identify the critical benefits derived through utilizing business and marketing plans in strategic management

  • Overview of Negotiating Strategies

    • Recognizing the different negotiation styles utilized can be a useful tool both through observing other parties and reflecting upon one's own style.
    • Soft - Soft negotiators don't push or create confrontation, instead utilizing trust in order to maintain strong relationships.
    • Pressure and scarcity are utilized to intimidate the other party to closing the deal .

  • Codes of Conduct

    • State the importance of utilizing a code of conduct to outline and maintain ethical business standards within an organization

  • Gantt Charts

    • If two projects are the same number of days behind schedule, the larger project has a larger effect on resource utilization, but this difference is not expressed on a Gantt chart.
    • Compare the advantages and disadvantages of utilizing a Gantt chart to illustrate a project schedule

  • Quantitative and Analytical Management Tools

    • A decision tree is a branching graph or model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility.
    • Trends are only ever in the past, however, and utilizing confidence intervals when projected with trends is critical to their effectiveness.

  • Introduction to Red Ocean and Blue Ocean Strategy

    • Finding a way to look across this (utilizing the 6 paths above) to identify and fill those unique needs is the way in which niche markets are created.
    • It was observed that branding was omitted as a key success factor, as is utilizing successful communicative strategies.

  • Building a Culture of High Performance

    • While leadership is normally static in a hierarchical environment, high-performance teams benefit from shared leadership by utilizing the different talents and perspectives of each team member in the decision-making process.

  • The Value of Analytics in Decision Making

    • Recognize the decision-making value of utilizing statistics and analytics to create accurate predictions