How to make a tough choice with the Weighted Decision Matrix
When you have a tough decision to make it can often be tempting just to follow our 'gut' but this can often end in disaster.
It's much better if you can consider the options in a logical and objective way to arrive at a final choice.
That's where the Decision Matrix comes in. It enables you to lay out your choices and the factors involved and arrive at a conclusion in a simple but effective way. Decision Matrices are often used in business and engineering to reduce complex problems to a simple question of numbers.
In this tutorial I will explain to you the simple Decision Matrix and the slightly more complex Weighted Decision Matrix as tools to break a complex decision down to a simple matter of mathematics (don't panic - the math involved is really simple).
- Simple Decision Matrix
This method involves placing a score against common factors for each choice and adding them together to arrive at a total
- Weighted Decision Matrix
This method involves placing a score against common factors for each choice, then assigning a value to each factor according to its importance as a multiplier. This produces a more accurate outcome as the weight of each factor is considered
Both methods require you to follow the same initial steps.
- Identify the options that you are choosing between
- Identify the common factors that affect the decision
- Apply a value to each factor against each option
- For the weighted method, apply a value to each factor
Next : Identifying the decision options (click the Next Page button below)