A decision matrix template is used to enable the businesses to take right decisions by considering several proposed solutions. Every now and then, the businesses would have to take different decisions. Of course, everyone wants to take right decisions every time but it is not possible. Taking decisions is not as easy as it seems. A particular decision becomes more and more difficult when there are more than few options available to choose. You can download multiple free decision matrix templates at this page.
A decision matrix template is a document prepared in accordance with the mechanism of selecting the best option out of many available options, based on a series of criteria. It works best in situations where different criteria are available in order to make one major decision.
A decision matrix is also known sometimes as grid analysis, Pugh matrix analysis and a decision and selection matrix etc. Don’t to check out the given below decision matrix templates which are free to download and further editable too. These templates will help you to more clearly understand the decision matrix.
Best Decision Matrix Templates
Detailed Decision Matrix Template
Compliant Decision Matrix Template
Useful Decision Matrix Template
Unique Decision Matrix Template
Informative Decision Matrix
Simple Decision Matrix Template
Lengthy Decision Matrix Template
Specific Decision Matrix Template
Circumstantial Decision Matrix Template
Power Plant Decision Matrix Template
Colorful Decision Matrix Template
Blank Decision Matrix Template
Weighted Decision Matrix Template
Example Decision Matrix Template
General Decision Matrix Template
Thorough Decision Matrix Template
Process of Decision Matrix
Following is the usual procedure of a decision matrix:
- Analyze and set the evaluation criteria according to the situation. You can also encourage customers get involved in it, if possible.
- Discuss, review and amend the criteria list. Feel free to include or exclude any criteria. Give importance to the suggestions of team and make sure to include the criteria that is important to the team.
- Carefully assign relative weight to each criterion, based on their importance. You can do this by any of the following two ways: 1- Based on team discussions and suggestions, distribute 10 points among the criteria. 2- Assign weights to each member and then the numbers for each criterion for a combined team weighting.
- Now, draw the matrix. Write down the criteria and their weights along one edge of the matrix and list of options along the other edge.
- Now, evaluate each choice against the criteria.
- At the end, multiply rating of each option by its weight. Add the points for every option. It is not compulsory to choose the highest score option and the relative scores can also generate useful discussions.
Handy Decision Matrix Templates
Analytical Decision Matrix Template
Particular Decision Matrix Template
Catchy Decision Matrix Template
Brief Decision Matrix Template
Detailed Decision Matrix Template
Standard Decision Matrix Template
Decision Matrix Format Template
Meticulous Decision Matrix Template
Intricate Decision Matrix Template
Sample Decision Matrix Template
Formal Decision Matrix Template
Evaluative Decision Matrix Template
Professional Decision Matrix
Itemized Decision Matrix Template
Typical Decision Matrix Template
Decision Matrix Worksheet Template
When a Decision Matrix is used?
A decision matrix is typically used in following circumstances:
- When a decision is to be made on the basis of different criteria
- When a single improvement opportunity or problem is required to be selected so as to work on it.
- When the list of options is reduced to one choice.
- When only one new product can be developed.
- When the list reduction tool is used in order to reduce the list of options to a manageable number.
- When only one solution or problem solving approach is available and it is to be implemented.
More Decision Matrix Templates
Informative Decision Matrix
Basic Decision Matrix Template
Sample Decision Matrix Template
Elementary Decision Matrix Template
Blank Decision Matrix Template
Vibrant Decision Matrix Template
Standard Decision Matrix Template
Official Decision Matrix Template
Typical Decision Matrix Template
Explicit Decision Matrix Template
Comprehensive Decision Matrix
Elaborative Decision Matrix Template
Pros and Cons of a Decision Matrix
Following are some of the common pros and cons of a decision matrix:
Pros:
- Decision matrix is of great help when the decision to be made is complex with many possible outcomes or results, and there are different criteria to be considered.
- A decision matrix divides and sub-divides the situation or task, thus making it easy to manage things.
- It provides an overall clear view of the circumstances.
Cons:
- The effectiveness of a decision matrix solely depends upon the information or data used.
- It is possible to easily manipulate or falsify the results or outcomes.
- It can be used to achieve specific or desired results i.e, the decision maker simply tries to justify his actions when the decision is already made.
