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DecisionMatrixTemplate.xls
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Decision Matrix
Step 1: List options as rows
Step 2: Determine important attributes and add/remove columns, as appropriate
Step 3: Assign relative weights to each attribute in row 9 (i.e. an 8 would be twice as important as a 4)
Step 4: Assign objective 0-100 scores for how option satisfies each attribute (best to do this on an attribute-by-attribute basis)
Step 5: Options with the higest scores should be considered
1 1 1 1 1 5
20% 20% 20% 20% 20% 100%
Option Attribute 1 Attribute 2 Attribute 3 Attribute 4 Attribute 5 Score
Option A 0 0
Option B 0 0
Option C 0 0
Option D 0 0
Option E 0 0
Notes:
Of the options you’re considering, decide which attributes can be used to help make a decision. You can include as many attributes as necessary. For example, if you’re considering multiple vendors, you might use attributes like Cost, Reliability, Company Size, Expertise, Process Familiarity, etc. If you’re doing this as a group, make sure everyone agrees what the attribute means. It’s often helpful to include a few more words, like: “Process Familiarity – how well does the vendor understand the way we do things at our company?”
For each attribute, assign a relative weight that is greater than zero. In this decision matrix, the range of numbers doesn’t matter; it’s the relationship between those numbers that matters. For example, if Cost is assigned a weight of 8 and Expertise is assigned a 4, you’re saying that Cost is twice as important as Expertise in your decision. Naturally, lower weights are less important than higher weights, and it’s okay if multiple attributes share the same weight. In that case, you’re saying that those attributes will be treated equally. In group situations, the discussion about the relative importance of these attributes can be very enlightening, and it’s a fantastic way to build consensus.
List all of your options. In the example I’ve been using, this would be the vendor names. Then, for each attribute, assign a score from 0-100 to each option. I highly recommend scoring all options for an attribute before moving to the next attribute, because it’s much easier to imagine the attribute, then score each option relative to one another. Of course, if you don’t know all of your options yet, this can’t be done (for example, if you’re using this technique to interview candidates for employment, you may need to score each attribute for the candidate while on the phone). Scores don’t have to be perfect, and 0 can mean bad/low confidence/not applicable/failure/etc., while 100 can mean great/high confidence/guaranteed/etc.
Ref: http://blogs.msdn.com/mswanson/archive/2008/07/20/my-decision-matrix.aspx
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