Making a decision has never been easy for any individual, especially if it involves multiple options for you to choose from. This makes it more complex for many people, unlike when they have a few options to decide on. As years go by, numerous solutions have been set apart to address how you make your decision; this entails the decision matrices.
Furthermore, the decision matrix analysis is an excellent way to answer and guide you in your decision-making process. If you are wondering what the decision matrix is all about, worry no more because this comprehensive article will give you an insight into the decision matrix template.
What is a Decision Matrix?
It is a selection tool you can use to decide out of many given options. However, it features a lot of criteria. Remember, it works incredibly in the analysis of multiple criteria decisions. You can also refer to it as a selection matrix, decision matrix, Pugh matrix, and grid analysis.
What Is a Decision Matrix Template?
This is a tool that allows you to list your entire criteria and options. It would help if you offered the numerical values and coefficient to calculate your weighted option averages to find the best option.
Where is a Decision Matrix Template used?
Most people usually guess when making decisions. However, this is not likely to work when you have numerous options to consider. Furthermore, decision matrices are common today since they substitute guesswork. Decision matrix templates are utilized everywhere, from what job to consider to what car to purchase. In addition, you can use it to back up your decision or challenge it depending on the answer it offers you.
There are two types of decision matrices, namely:
Unweighted decision matrix- This utilizes an assumed weight scale to come up with the best option. You can source this type of decision matrix on your internet at zero cost.
Weighted decision matrix- Puts all the options against the assumed weight scale to come up with the perfect option. This type of decision matrix is popular and is used globally.
Decision Matrix Templates & Examples
What You Need to Complete a Decision Matrix
Before you fill out the decision matrix, ensure that you accomplish the heavy lifting process. Therefore, below is what you need to complete a decision matrix. Remember, these items might need research and some work, making them worth it.
A Scale-There is standard scales usually utilized on decision matrices, such as 0 to 5, 1 to 10, 1 to 5, and 1 to 3. Every scale functions on its value, but most people prefer using the scale of 1 to 5. Similarly, there are other scales such as 1, 3, 9 scale or 1, 4, 9 scale, which forces you to choose something too crucial or less crucial.
Well-defined option- You will not feel the importance of a decision matrix if you do not have several options to choose from. These options have to be detailed enough for you to quickly settle on one option, more so when rating them.
Weights- Weighing different options helps you choose the best option since it ensures that more vital criteria impact your final decision.
Well-defined criteria- A well-defined criterion makes the entire process less objective. Therefore, ensure that the criteria you opt for do not overlap.
Questions to Ask: Before Dealing with a Problem
Before you opt to use the decision Matrix template, be 100% sure that you need it to find a solution to your problem. Below are a few questions that will help you find it out whether you need a decision matrix template to reach a solution:
- Does resolving the issue get rid of your customer pain?
- Can it generate a financial payback?
- Does it offer a buy-in from the management?
- Is the team tackling the issue passionate?
- Is the issue within the management of a group or an individual?
Questions to Ask: Before Adding an Option(s) to the Decision Matrix List
Several questions can assist you in determining if you can find potential solutions to the issues you are likely to address. Especially when evaluating each solution. These questions include:
- Is the decision something your customers would love?
- Will the option you settle on influence the existing equipment, processes, and brand?
- Will the decision generate a competitive benefit?
- Does the option go hand in hand with the business objectives?
- Will the option incorporate negative consequences?
- How will the decision impact vendors and customers?
- Does the option require you to consider certain factors, such as environmental, health, and safety factors?
- How much does it cost to maintain your option, more so after implementation?
- Will the options address the primary cause of the problem?
- Is it challenging to reinforce the option?
- Will implementing your option outdo the money available, human resources as well as time?
How to Use a (Step-by-Step)?
When using a decision matrix, there are several steps you need to follow. Here is an in-depth discussion about these steps:
State your criteria and options
To make the whole process of using a decision matrix easy, you need to lay out the criteria and options you are likely to use. Bear in mind that you can use any given number but not too many.
Create a rating system for every criterion
This will assist you in gauging the relevance and essentialness of every criterion you mention. 1 to 5 rating system is the easiest. However, you can opt for another rating system depending on what on the criteria you choose.
Draft a table that will feature your matrix
It would help if you drew this table where you will create the decision matrix. Remember, your table will feature varying sections for your criteria, options as well as a rating system. Thus, ensure that your table has sufficient columns and rows for every option and criterion. Besides, every option will have a rating; this means you will need to create an additional row for each option and an additional column at your table’s end. A decision matrix template will guide you on how to draw the rows and columns. After that, make sure that you draw the table, then fill in the blanks with appropriate wording as you rate the criterion from 1-5.
Rate your option
When you are through filling your table, you need to rate the options. Here, you require a rating scale, you can opt for a 1 to 5 scale, and each option will undergo ranking by this scale according to your criteria.
Calculated your weighted score
Each idea needs to have a weighted score, which you acquired from the multiplication on the criterion rank plus option rank in every step mentioned above. Fill the answers in the additional rows you created for your weighted scores, sometimes back. You must understand that each option needs a weighted score situated under every criterion. The sum should be indicated under your total column. Fortunately, if you use the decision matric excel template, the sum figure will be calculated for you automatically.
Mark your total and plan the way forward
The option with the maximum results is considered the best in decision matrices since it outshines every other criterion. Suppose you feel the final answer is not correct. Review the entire process. Do not interfere with anything in your favor; let the data function accordingly. After settling on the best option, develop a report outlining the process and how you acquired the final answer. This will act as a reference to one of your team or even team members.
Decision Matrix: Considerations
Suppose your list of options is too long. You can consider making it short using a tool such as multivoting or list reduction. Furthermore, the criteria used are under general groups of support enthusiasm, the time required, cost, capability, feasibility, and effectiveness. You can consider using other criteria, such as:
For choosing a solution
- Potential consequences
- Possible issues during reinforcement
- Customer value
- Possible impact on suppliers and customers
- Potential impact on other given systems
- Training aspects
- Environmental, health, and safety factors
- Team control solution
- Enthusiast team members
- Opposition or support to your solution
- Maintenance and how easy it is
- Maintenance cost
- Duration for full implementation of the solution
- Ease of implementation
- Availability of resources and investment return
- The cost of implementation
- Period of resolution of the issue
- Root causes followed by solutions
For choosing an improvement chance or a problem
- Duration needed to solve
- Solving challenges
- Management support and interest
- Impact on other systems
- Problem urgency
- Customer agony caused by the issue
- Resources needed
- Financial payback
- Within the control of your team
You need to note additional considerations, like summarized data and sub-team formation for the data collection on many criteria. Consider a few criteria for choosing an issue and have a criteria scale.
Do you have a problem deciding when given a lot of options? If so, worry less because this detailed post has made you more knowledgeable on the use of the decision matrix template. Therefore, ensure you follow this guide to efficiently settle on the best decision to meet your needs and demands. You do not have to strain anymore. Choose the decision matrix template.