The best decisions are made with proper information, and communication. This is especially true for project planning, since it requires good decision-making. With this, using a decision matrix would be a great help. The purpose of the decision matrix is to filter the list of choices. Read these steps to learn more.
- Find out what decisions you need to formulate for project planning. You have to think about this clearly and accurately. The formulated decisions should be established and approved by the members of your team. It is best that you record those decisions so you can check or read it over again.
- Determine numerous criteria and make a list of these. These criteria will be used in finding the appropriate and best decision. When you generate your criteria, you must consider some factors, such as its benefits, costs, advantages and disadvantages and the like. If it is possible, include customers' or clients' point of views.
- Have a group session and talk about the criteria being made. Make sure that each criterion is further discussed. This is to clarify the issues and to narrow down the number of these criteria. You have to make sure that the final criteria are really important in the project planning. You have to keep in mind that these criteria should fall under the general categories such as feasibility, cost, capability, time and effectiveness.
- Weigh each criterion by providing points according to how significant the criterion would be. You have to give a scale. For example, you can have a scale of 1 to10. The higher the point, the more important that criterion is. This will help sift each criterion from the most essential to the least.
- Illustrate the weighted decision matrix by drawing a table and listing the criteria in the first column while the weighted points and alternatives in the second and third column respectively.
- Once you have come up with the weighted matrix, evaluate the formulated criteria in the decision matrix in the table again. There are different ways in order to examine each criterion. You can create a rating scale. On the other hand, you have to make sure that your rating scale is constant. An example of this would be 1= low and 3= high. Another way of evaluating is the rank-order. For example, you can rank your criterion with 1 being the lowest and 5 being the highest. Weigh every row in your decision matrix table by dividing these into 10 points.
- Analyze and compute the decision matrix by multiplying the weighted points listed in the second column then adding up the weights from the rows together. Do not be bothered if you come up with 2 or more criteria. Once you have evaluated thee criteria, select the criterion with the highest score and present it to the team.
If you are thinking about planning a project and you need to make some decisions, you can always use the decision matrix. This will help you filter your choices in order for you to generate the best decision and criteria for your project planning.