Weighted Decision Matrix: A Tool for Pro-level Prioritization

Making the?right decisions, especially ones that have a direct impact on your bottom line, can be tough.

It's never as simple as writing down a list of pros and cons. Numerous aspects have to be considered. Their varying importance has to be taken into account. When stakeholders participate in the decision-making process there is probably a lot of bias and emotion involved.

Arguably the best way to do important and complex decisions is using the decision matrix technique.?

It's exceptionally powerful when you have to choose the best option and need to consider many criteria or when you need to allocate limited resources to multiple choices.?

By extensively evaluating your choices and quantifying the process, you'll be able to completely remove emotion and guesswork from the decision process. This enables rational and objective decisions every time.?

Moreover, the?decision matrix?allows a clear structure that you can reference in discussions, meetings, presentations, or when you need to justify your decisions.

What is a weighted decision matrix?

The?weighted decision matrix ?is a powerful quantitative technique. It evaluates a set of choices (for example, ideas or projects) against a set of criteria you need to take into account.?

It also is known as the "prioritization matrix" or "weighted scoring model". No need to get confused.?

There are several types but two main categories: The weighted and unweighted one. The unweighted decision matrix assumes all criteria have the same importance while the weighted one applies different weights.

When should you use a decision matrix?

The decision matrix is extremely useful, specifically when you have:?

• Many choices?(such as different features, projects, and campaigns)
• Multiple decision criteria to consider?(such as costs, risk, and customer value) with
• similar or varying levels of importance

Step-by-step: How to make a decision matrix

Here's a?step-by-step guide?to setting up both an unweighted and a weighted decision matrix.?To make it even simpler, let's use an example:?

You're trying to figure out which product feature your team should develop next, but there are plenty of criteria that need to be considered. Start by creating a weighted decision matrix.

How to create a weighted decision matrix

1. List different choices

2. Determine influencing criteria

3. Rate your criteria

4. Rate each choice for each criterion

5. Calculate the weighted scores

6. Calculate the total scores

7. Make your decision

Learn about each step in more detail and with practical examples in?our full article . Additionally, we also include instructions on how to create an unweighted decision matrix and the 3 tips to optimize your matrix.

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