What is a decision matrix example?
A good example of a decision matrix within a corporate sphere would be if your firm was intending to finalize a vendor for bulk purchases. A matrix can be created which includes criteria such as -
- After Sales Service etc
Assigning each vendor a value out of 10 in terms of your requirements would prepare a matrix that consists of a score assigned to each vendor, thus making the decision-making process simpler and more effective, as one option can be shortlisted quicker.
How do you create a decision matrix?
To create a decision matrix, keep the following things in mind:
- Think carefully about the evaluation criteria you intend to use. Involve as many stakeholders as you can to make this process comprehensive.
- Decide on the weight of each criteria. Usually, criteria like Price are valued higher than other factors.
- A Decision Matrix is usually an inverted L-shape, having one list of values on the left-most column and one on the top-most row.
- Establish a rating scale that is suitable for your information. For example: 1-5 (1-worst to 5-best), 1-2-3 (1-low, 2-medium, 3-high) etc.
Which is a good reason to use a decision matrix?
Good reasons to use a decision matrix include-
- When you need to narrow down your list of options to one final item.
- Your options need to be weighed against multiple criteria.
- You have a lot of stakeholders involved and each option needs to be weighed against each stakeholder’s requirements.
- Selecting one product or plan to develop amongst many.
What is the Eisenhower decision matrix?
The Eisenhower decision matrix is a productivity tool used to optimize your tasks on the basis of priority, ensuring you are focusing on the most important tasks first.
The basic premise of the Eisenhower Decision Matrix is creating a 2*2 grid, comprising specific characteristics. These include -
- Urgent and Important.
- Important but Not Urgent.
- Urgent but Not Important.
- Neither Urgent nor Important.
These categories can be further explained by browsing through our Eisenhower Decision Matrix
collection, which consists of an extensive range of decision matrices that cater to every management and planning requirement.