A component becomes obsolete when it is no longer available from its original manufacturer in its original form. Component obsolescence is a significant problem in the electronics industry. There are different strategies employed to address this problem, for example, using an alternative part, life time buy, redesign etc. Often, techniques used in industry select one of these options based on the most economical solution as determined by minimizing direct costs. However, there are factors other than cost, such as the number of suppliers, time constraints, reliability of the solution etc., which may play a crucial role in determining an overall best decision. In addition, there are multiple stakeholders like design, operations, manufacturing, sales, service etc., who might have different opinions when it comes to obsolescence management. This research provides a multi criteria decision model that will consider the trade-offs among multiple factors and provide the decision maker solution that will be acceptable to a wide variety of stakeholders as well as being viable from the company's perspective. The model is based on multi attribute utility theory. It will provide the stakeholders a platform to express their preferences and experience in the decision process. And, based on the overall utility value, the most suitable obsolescence resolution strategy for a specific application will be provided. The research provides a hypothetical case study in order to illustrate the application and usage of the model.