"Then we are choosing between good, better and best.That's the most powerful position to be in as a business leader." 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.
Running a business poses many challenges that require you to make many important decisions.
Making those decisions can be as simple as weighing a pros and cons list; however, sometimes they require a more thorough decision-making process, like a decision matrix.
Amie Devero, managing partner of Amie Devero Coaching and Consulting, said a decision matrix is a useful tool to help people find more viable options when they believe they are faced with a binary choice.
"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.
This quantitative method can remove emotion as well as confusion to help you lead your business to success.
Short Essays On Proverbs - Problem Solving Matrix
Unlike a simple list of pros and cons, a decision matrix allows you to place importance on each factor and weigh them accordingly.She listed the factors she finds important and assigned weights that reflect how important she considers each set of criteria to be.Rent is a factor, but she's decided that market share, which determines how likely she is to get customers, is the most important issue.For example, if you are looking at pain points, be sure to word each issue so that it gets more points the worse it is, and vice versa when looking at benefits.Multiply your original ratings by the weighted rankings to get a score, then add up all the factors under each option.She values a location close to her home so she can visit quickly if there are problems, and she wants to set up where she can find reliable workers; however, these factors are not as important, so they receive a lower weighted score.She did not consider floor plan, because she found all of them equal in that regard and intends to remodel anyway.Here are a few online matrix templates to get you started: Decision matrices can be used in a variety of situations, such as determining the best way to expand or to tackle a customer service issue.Here we use a decision matrix to determine the best location for a new restaurant: In this example, a restaurant owner is considering four locations."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.