Expected Utility Theory
A theory in economics that models how rational individuals make decisions under risk by maximizing the expected utility of their choices. Essential for understanding decision-making under risk.
28 topics found for:
“utility maximization”
Standard Economic Model
A theoretical framework in economics that assumes individuals act rationally and seek to maximize utility, used to predict economic behavior and outcomes. Important for understanding traditional economic theories and designing systems that account for rational decision-making.
Homo Economicus
A theoretical concept in economics that portrays humans as rational and self-interested agents who aim to maximize their utility. Important for understanding economic decision-making and designing systems that align with rational behavior.
WSJF
Weighted Shortest Job First (WSJF) is a prioritization method used in agile and lean methodologies to maximize value by comparing the cost of delay to the duration of tasks. Essential for effectively prioritizing work to ensure the highest value tasks are completed first.
Lean Management
A methodology that focuses on minimizing waste and maximizing value in business processes. Essential for improving efficiency, productivity, and customer satisfaction by eliminating non-value-adding activities.
Decision Utility
The value or satisfaction derived from a decision, influencing the choices people make. Crucial for understanding user preferences and designing experiences that maximize satisfaction.
Kanban
A visual workflow management method used to visualize work, limit work-in-progress, and maximize efficiency. Crucial for improving workflow and productivity in various processes.
Multichannel Marketing
A marketing strategy that uses multiple channels to reach and engage customers, such as email, social media, and websites. Crucial for maximizing customer reach and engagement by leveraging diverse communication platforms in digital products.
Information Foraging
The theory that users search for information in a manner similar to animals foraging for food, aiming to maximize value while minimizing effort. Important for designing efficient and user-centered information retrieval systems.
CPOO
Cost Per Objective Option (CPOO) is a metric used to measure the cost efficiency of different marketing options based on achieving specific objectives. This metric is crucial for optimizing marketing spend and measuring campaign effectiveness.
Value vs. Complexity
A prioritization framework used to assess and compare the value a feature will deliver to users against the complexity and cost of implementing it. Crucial for making informed decisions about feature prioritization and resource allocation.
Motivation Wave
A concept describing how motivation fluctuates over time, influenced by various factors such as goals, rewards, and external circumstances. Crucial for designing systems that align with users' motivational states to maximize engagement and productivity.
Implementation Intentions
A self-regulation strategy in the form of "if-then" plans that can lead to better goal attainment and behavior change. Useful for designing interventions that promote positive user behaviors.
Funnel Velocity
The speed at which leads move through the sales funnel. Crucial for understanding and optimizing the sales process.
Function Allocation
The process of determining which tasks should be performed by humans and which by machines in a system. Essential for optimizing system efficiency and usability.
CRO
Conversion Rate Optimization (CRO) is the systematic process of increasing the percentage of website visitors who take a desired action, such as making a purchase or filling out a form. Crucial for improving user engagement and achieving business goals.
CPM
Cost Per Thousand (CPM) is a metric used in advertising to denote the cost of 1,000 impressions or views of an advertisement. This metric is crucial for measuring and optimizing advertising spend and reach.
CPC
Cost Per Click (CPC) is an online advertising model where the advertiser pays each time a user clicks on their ad. This model is crucial for measuring and optimizing the effectiveness of online advertising campaigns.
CPA
Cost Per Action (CPA) is an online advertising pricing model where the advertiser pays for a specified action, such as a sale or registration. This model is crucial for optimizing ad spend and measuring marketing effectiveness.
CoD
Cost of Delay (CoD) is a metric that quantifies the economic impact of delaying a project, feature, or task. Important for making informed decisions about project prioritization and resource allocation.
CAC
Customer Acquisition Cost (CAC) is the total cost associated with acquiring a new customer, including marketing and sales expenses. Essential for evaluating the efficiency and effectiveness of marketing strategies.
Action Priority Matrix
A tool used to prioritize tasks based on their impact and effort, helping to focus on high-value activities. Important for prioritizing tasks effectively to maximize impact with minimal effort.
Self Reference Effect
Also known as Self Relevance Effect, the tendency for individuals to better remember information that is personally relevant or related to themselves. Important for designing personalized user experiences and enhancing memory retention.
RICE Scoring Model
A prioritization framework used in product management to evaluate features based on Reach, Impact, Confidence, and Effort. Crucial for making informed decisions about which product features to prioritize and develop.
Narratology
The study of narrative and narrative structure and the ways that these affect our perception. Useful for understanding and applying narrative techniques in design and communication.
Muda
A Japanese word meaning any activity in a process that consumes resources without adding value. Crucial for identifying and eliminating inefficiencies to optimize workflows and resources.
Link Juice
The SEO value or authority passed from one website to another through hyperlinks, influencing the search engine ranking of the linked site. Important for understanding and leveraging the impact of links on SEO performance.
Lag Effect
A phenomenon where learning is improved when study sessions are spaced out over time rather than crammed together. Crucial for designing educational and training programs that enhance long-term retention.