APPLICATION OF THE UTILITY THEORY IN MANAGERIAL DECISIONS MADE BY METALLURGICAL ENTERPRISES

1 LAMPA Martin
Co-authors:
1 SIKOROVÁ Andrea 1 KUTÁČ Josef
Institution:
1 VSB - Technical University of Ostrava, Ostrava, Czech republic, EU martin.lampa@vsb.cz, andrea.sikorova@vsb.cz, josef.kutac@vsb.cz
Conference:
24th International Conference on Metallurgy and Materials, Hotel Voronez I, Brno, Czech Republic, EU, June 3rd - 5th 2015
Proceedings:
Proceedings 24th International Conference on Metallurgy and Materials
Pages:
2005-2008
ISBN:
978-80-87294-58-1
ISSN:
2694-9296
Published:
12th January 2015
Proceedings of the conference were published in Web of Science and Scopus.
Metrics:
355 views / 156 downloads
Abstract

This article deals with the application of the utility theory as a useful tool for the decision making process analysis under risk. While the theoretical value of the concept is clear, its application in practice is not easy. In addition to frequent skepticism common among managers, certain measurement issues have to be overcome in order to obtain relevant results. This article aims to use the example of a metallurgical enterprise to apply the theory for use in practice.

Keywords: utility theory, managerial decision making, decision making under risk

© This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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