“Then, we are choosing between good, better and best. “By creating a visible table to assess the options and then forcing ourselves to imagine an extra, we can see that there are many more possible outcomes and choices than we believe,” Devero told Business News Daily. Also known as the Pugh method, grid analysis or the multiattribute utility theory, a decision matrix reduces subjectivity to help you draw a sound conclusion.Īmie Devero, managing partner of Amie Devero Coaching & Consulting, said that a decision matrix is a useful tool to help people find more viable options when they believe they are faced with a binary choice. Since then, the tool has evolved into a general decision-making aid, especially in the business world. Stuart Pugh, who was a professor and head of design at the University of Strathclyde in Scotland, created the decision matrix method to help in selecting design alternatives. This can help you visualize the importance of each criterion as it relates to the situation or problem at hand. It involves determining a list of criteria that influence a situation and then assigning a weight value (usually 0 through 5) to each. Unlike a simple list of pros and cons, a decision matrix allows you to place a relative value on each factor and weigh them accordingly. What is a decision matrix?Ī decision matrix is a quantitative method that can remove emotion as well as confusion to help you lead your business to success. One of the most useful of these tools is known as the decision matrix. In moments like those, entrepreneurs can turn to decision-making tools that help them analyze the situation and come to a conclusion. However, sometimes it requires a more thorough decision-making process. Making those decisions can be as simple as weighing the pros and cons. Running a business poses many challenges that require you to make many important decisions. This article is for professionals and business owners who want to visualize their decision-making process to help them make the best possible choice.Use a decision matrix when you need to assess a situation from a logical viewpoint and you have enough comparable variables to weigh.A decision matrix can not only help you select the best course of action for your business, but it can also aid you in prioritizing tasks, problem-solving and crafting arguments to defend a decision you’ve already made.A decision matrix is a series of values in columns and rows that allow you to compare possible solutions visually by weighing variables based on importance.
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