Expected Utility Theory In Nursing

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Expected Utility Theory Expected utility theory refers to the formulating of a decision over another that may be presented; generally decided upon through the analysing and assessment of associated risks and outcomes of one choice over another (Pettigrew 2015, pp. 798-9; Shaban 2005, p. 4). The theory of expected utility can be used in many different contexts, an example is the comparison of two outcomes by the risks and possible side effects that each may have to determine the best outcome or one that outweighs the presented risks (Fishburn 2013, pp. 1-2; Pettigrew 2015, p. 799). Expected utility theory is commonly expected in nursing behaviour, it mostly applies to patient care and treatment and is used in day-to-day decision-making (McKenna, Pajnkihar & Murphy 2014, p. 61). In practice the theory is utilised most in assessments and when processing information to be able to form a comprehensive plan based on rationales and desired outcomes to predict the best pathways (McKenna, Pajnkihar & Murphy 2014, pp. 60-1). In a whole, expected utility theory in nursing ensures the best treatment is provided to each and every patient, this is accomplished through effective decision-making, rationalising, reasoning, experience, knowledge and the application and review of a proposed outcome (McKenna, Pajnkihar & Murphy 2014, p. 61). In further context, expected utility theory applies into situations where a number of options and pathways are available to meet a desired outcome, it

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