Decision matrices are a vital decision-making tool that helps individuals and organizations determine the best possible solution among several alternatives. They are commonly used in business, planning, decision-making and business analytics to evaluate and select the most desirable option from a given set of choices.
In a prioritization matrix, each option is evaluated against a set of criteria, and a score is assigned to each option based on its performance against each criterion. The scores are then added together to give a total quality management excellence score for each option. The option with the highest total score is considered the best solution.
The process of creating and using a prioritization matrix is relatively straightforward:
1 Identify the various options you need to evaluate. These options could be different project proposals, competing business ideas
2 Determine the criteria you will be using to evaluate these options.
