Difference between revisions of "Decision Matrix"
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| − | A '''Decision Matrix''' evaluates and prioritizes a list of options and is a [[Decision Making|decision-making]] tool. The team first establishes a list of weighted criteria and then evaluates each option against those criteria. This is a variation of the L-shaped matrix.<ref>Definition - What is the Decision Matrix]</ref> | + | A '''Decision Matrix''' evaluates and prioritizes a list of options and is a [[Decision Making|decision-making]] tool. The team first establishes a list of weighted criteria and then evaluates each option against those criteria. This is a variation of the L-shaped matrix.<ref>Definition - What is the Decision Matrix [https://asq.org/quality-resources/decision-matrix#:~:text=A%20decision%20matrix%20evaluates%20and,each%20option%20against%20those%20criteria. Asq]</ref> |
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It's best to use a decision matrix when you need to assess a situation from a logical viewpoint and have enough comparable variables to make a weighted analysis. The matrix can be used on its own, or in tandem with other decision-making tools and techniques if you are deciding on a solution that has less distinct options. For example, if you are choosing courses of action in business strategy or deciding between scenarios for a long-term career plan, a decision matrix can be a useful component, but one is advised against relying solely on it. | It's best to use a decision matrix when you need to assess a situation from a logical viewpoint and have enough comparable variables to make a weighted analysis. The matrix can be used on its own, or in tandem with other decision-making tools and techniques if you are deciding on a solution that has less distinct options. For example, if you are choosing courses of action in business strategy or deciding between scenarios for a long-term career plan, a decision matrix can be a useful component, but one is advised against relying solely on it. | ||
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| + | ===See Also=== | ||
| + | [[Decision Making]]<br /> | ||
| + | [[Decision Engineering]]<br /> | ||
| + | [[Decision Model]]<br /> | ||
| + | [[Decision Theory]]<br /> | ||
| + | [[Decision Tree]]<br /> | ||
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| + | ===References=== | ||
| + | <references/> | ||
Revision as of 20:14, 18 February 2021
A Decision Matrix evaluates and prioritizes a list of options and is a decision-making tool. The team first establishes a list of weighted criteria and then evaluates each option against those criteria. This is a variation of the L-shaped matrix.[1]
When to use a decision matrix (and when not to)[2]
A decision matrix can help you not only make complex decisions, but also prioritize tasks, solve problems and craft arguments to defend a decision you've already made. It is an ideal decision-making tool if you are debating between a few comparable solutions that each have multiple quantitative criteria. Steve Kurniawan, content specialist and growth strategist at Nine Peaks Media, said there is a sweet spot for the number of variables each solution should have.
"When there are only two possible solutions that don't involve too many variables, it's better to use other decision-making tools," he said. "On the other hand, if there are too many variables involved, the matrix can be very complex. In general, three to eight is the proper number [of variables] where a decision matrix is viable."
The decision matrix process is best used when you're deciding on something that does not require a sense of emotion, as it is a logical tool in nature. For example, the matrix is not great when choices are purely a matter of taste or style as it removes the layer of intuition that is sometimes an essential factor. "The [matrix] does remove some of the gut feelings that are often indicative of strong intuitions and can sometimes point to something valuable."
It's best to use a decision matrix when you need to assess a situation from a logical viewpoint and have enough comparable variables to make a weighted analysis. The matrix can be used on its own, or in tandem with other decision-making tools and techniques if you are deciding on a solution that has less distinct options. For example, if you are choosing courses of action in business strategy or deciding between scenarios for a long-term career plan, a decision matrix can be a useful component, but one is advised against relying solely on it.
See Also
Decision Making
Decision Engineering
Decision Model
Decision Theory
Decision Tree
References
- ↑ Definition - What is the Decision Matrix Asq
- ↑ When to use a decision matrix (and when not to) Business News Daily