Decision Matrix
A decision matrix, also known as a prioritization matrix, decision grid, or Pugh matrix, is a tool used to evaluate and prioritize a list of options based on a set of predefined criteria. It helps in making decisions systematically and objectively, especially when dealing with complex problems involving multiple factors.
When to Use a Decision Matrix
- Complex Decisions: When you have multiple options and criteria, and the decision is not straightforward.
- Objective Evaluation: When you need a structured, quantitative way to compare options to avoid bias.
- Prioritization: When you need to rank options based on importance or effectiveness.
- Team Decisions: When multiple stakeholders are involved and a consensus is needed.
- Resource Allocation: When deciding how to allocate limited resources effectively.
Using a decision matrix can significantly enhance the decision-making process by providing a structured, transparent, and objective method to evaluate and compare multiple options.