A prioritization matrix, which is also called a decision matrix, is a tool used to rank and compare a set of choices based on how important they are and how well they meet certain standards. It is a useful tool for making decisions when there are a lot of choices but not much time or money.
Follow these steps to make a grid for ranking things:
1. List the choices that will be considered and the factors used. Some of these categories could be cost, time, quality, effect, or the ability to do it.
2. Give each measure a weight based on how important it is. For example, if cost is more important than time, it may be given a bigger weight.
3. Give each choice a number for each category. Depending on the type of measure, these scores can be based on either numbers or descriptions.
4. Multiply each score by the weight that goes with it to get the weighted number for each choice.
5. Add the weighted points for each choice together to get the total number.
6. Sort the choices by their total scores, with the option with the greatest number being the most important.
The prioritization grid can help teams make good choices by giving them an organized way to look at options and determine their importance. It can also help determine each choice’s costs and benefits and show where more research or talk is needed.
