Expected Utility Theory In Nursing

Expected Utility theory

The expected utility theory is a body of evidence that provides strong foundation for critical thinking and the decision-making process (McKenna, Pajnkihar & Murphy 2014, p. 61). This theory allows for nurses to provide links between treatment guidelines and the evidence-based practice which supports the treatment to provide the best possible care for patients (McKenna, Pajnkihar & Murphy 2014, p. 61). The expected utility theory allows for nurses to be able to accurately and effective decisions, through ensuring that all information about the decision is being considered by the nurse (Scott et al. 2014, p. 232).This decision-making process is achieved by looking at the positives and negatives of the treatment to determine the risks and any possible treatment alternatives to determine which would be best for the patient’s outcome (Scott et al. 2014, p. 232).

With the use of expected utility theory, the process is a simple decision making tree where a process is followed that leads to the decision outcome that will be made (Miers 2016, p. 34). For this theory to be used successfully in decision making, it is important that the healthcare professional who is making the decision is fully aware of all the information need to successfully make a decision and is aware of possible alternatives that may result in a better outcome (Scott et al. 2014, p. 233).

An example of nurses using the expected utility theory in decision making is when a nurse has a