Decision-Making - - Decision Matrix

We have looked at the classic Pros and Cons list and a SWOT analysis. Next, we are looking at a Decision Matrix. 

A Decision Matrix is best used when you have a few comparable items and are trying to decide which is best. So, if I was trying to choose which fruit (Blueberry, Apple, Banana, or Orange) is the best, I might use a Decision Matrix to help me make that decision. 

As with all decisions that you use a tool for, it is important to define your objective:

-Answer the Why

-Align your goals

-Be specific and measurable

-Consider timeframes

-Involve those who need to be

Once you have taken some time defining your objective, then you can build the decision matrix. The second step of creating the decision matrix is developing your criteria. Since the decision matrix is best used when comparing similar items, they will all be compared to the same criteria. Since we are trying to determine the best fruit, we can define our criteria as taste, texture, color, price, and whether my dog likes them. 

Next, you will rank each item based on the criteria you have set. Generally, it is best to rank 1-3 or 1-5, with 3 or 5 being the best. So I really love the taste of apples. Apples would get a 5 for taste, and I think their texture is good, so they get a 4 for texture, but I don't like the color green, so they get a 2 for color, and they are moderately priced, so a 3 for price, and Vada (my dog) doesn't care for them so they get a 1 in that category. Then, you continue to fill out the chart for each remaining fruit--blueberry, banana, and orange.

The fourth step in a decision matrix is deciding which factors are the most important in your decision, adding weight. So, in this instance, the most important factor is whether I like the taste, so I will weigh that decision with a 5. The other factors will have different weights (the factors can be equally weighted). So,

Taste -- 5

Texture -- 3

Color -- 1

Price -- 3

Does my dog like it? -- 2

Weighing the factors might be best done in a group and as a separate process. Certain teams (or individuals) might think that certain factors are more (or less) vital, so it is good to have dialogue around the weights, or maybe if each team has a different idea of the importance, an average weight is taken. This is all determined by who is involved in the decision and who is in charge of making the final decision. For simplicity, since I am making the decision, I gave the weight based on my own arbitrary importance.

Once you have assigned rankings and weight to each item, you get to do the math! 

I gave apples a taste ranking of 5, and the weight of that factor is also 5, so apples get a score of 5x5 or 25 points for taste. For texture, they got a ranking of 4, and the weight of that factor was 3, so apples get a score of 4x3 or 12 points for texture. You go on and to this for the rest of your items. 

Once you have filled in your matrix, add the numbers, giving you a total ranking for each fruit. In this instance, the Banana narrowly beats the Orange as the best fruit. 

This instance was purely opinion, but you could use the decision matrix to compare in a more scientific manner by inputting better data. For example, if you wanted to rank fruit based on acidity, you could use pH strips and give them all a score based on their levels.