.svg)
Deciding
untapped toolkit
Decision Matrix
Make better decisions by evaluating multiple alternatives through scoring.
Decision Matrix
Why it matters?
When evaluating multiple options against a single desired outcome, it’s always good to pull out the classic Decision Matrix.
As a list of values in rows and columns to systematically lay out and analyze relationships between sets, this tool helps you logically thinking through necessary criteria without skipping steps or making rash choices. This is a quick tool to eliminate non-viable solutions and list out the comparative alternates in a way that’s easy to overview.
This matrix is particularly useful when it comes to the relative weighting of imperfect options.
How it works?
- Create as many columns as you have viable options on the table to decide on.
- Define your evaluation criteria (what are the most important characteristics of your solution? Rule of thumb: not too little or too many)
- Weigh your evaluation criteria as to the relative importance of each (ie. Give any necessary multipliers if they carry a lot more weight).
- Set a Baseline (ideally: Current Option)
- For each criterion, rate each alternative against your baseline (either through + and - ; OR with +/- 1/2/3 (numerical values) so long as they are weighted in a consistent manner.
- Total the count for each.
- Select your best alternative to your current situation.
- Explore whether there is an even more optimal solution by considering combinations of options or changes to other aspects (ie. time horizons).
Examples
Understand the factors that important to you by setting and weighting criteria when it comes to making a good decision.
Sources: