Assignment(Maximizing Expected Utility and Decision Trees)

Questions/Business/ManagementAssignment(Maximizing Expected Utility and Decision Trees)
Maximizing Expected Utility and Decision Trees
As explained in this week’s resources, maximization of expected utility involves the following five steps of decision making:
1-Identifying future conditions, along with the likelihood of the condition being realized
2-Listing possible alternatives
3-Estimating the payoff or utility for each alternative under each future condition
4-Calculating the expected utility
5-Selecting the best alternative
Decision trees can be used to illustrate all of this information in a graphic manner.
In this Assignment, apply the information from this week’s resources to solve decision problems and complete a Decision Analysis for those problems. Solve problems 5, 10, and 11 on pp. 231–234 of the Stevenson text by creating decision trees, determining expected utilities of the decision alternatives, and offering recommended decisions based on the decision tree analysis.
Approximate length: 4–5 pages
Submit your Decision Analysis for the assigned problems
Hastie, R., & Dawes, R. M. (2010). Rational choice in an uncertain world (2nd ed.). Thousand Oaks, CA: Sage. Chapter 2, “What Is Decision Making?” (pp. 23–43)
Hastie, R., & Dawes, R. M. (2010). Rational choice in an uncertain world (2nd ed.). Thousand Oaks, CA: Sage. Chapter 11.1, “Formally Defining Rationality” (pp. 237–241)

Attachments
USW1_MGMT_8045_Stevenson.pdf
Media.html
Rational Choice in an Uncertain World _ SAGE Publications Inc.html
decision tree grad school funding game.pdf
APA_Course_Paper_Template_With_Advice__6th_Ed_.doc
WK5AssgnCoskunY.docx
USW1_MGMT_8045_Week05_assignmentRubric (1).xlsx

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Attachments
Decision tree Assignment.doc
Abstract
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