Making decisions is essential to good business planning, but determining which option is best can be difficult. The key to making the right call is to not be hasty and choose an option that adds value to the business. Doing this can be a breeze with the help of a weighted decision matrix template!
A decision matrix allows you to quickly identify the pros and cons of each option, weigh different variables, and make an informed decision. Before digging into the heart of the matrix, let’s start with the basics for everyone’s convenience.
What is a Decision Matrix?
A decision matrix is a tool for evaluating and selecting the best option from a pool of desirable ones. This tool is handy if you have to decide between multiple options and consider several factors before making the final call.
When to Use a Decision Matrix?
The use of a decision matrix stretches across a specified set of operations. This process is robust and relatively simple. It works best when you:
- Compare several similar options
- Reduce multiple options to one final choice
- Weigh a number of critical factors
- Approach the decision logically rather than emotionally or intuitively.
How to Create a Decision Matrix in Seven Easy Steps
We understand that you are here for solutions (in this case, a weighted decision matrix template), but you can derive positive results in your situation through the above heuristics.
A decision matrix, however, is created in seven steps.
1. Identify your Alternatives
Decision matrices are valuable for determining the best option from a set of similar options. Before creating your matrix, know your options.
Let's say your organization is launching a new brand campaign this fall. You must select a designer to create the visuals and videos. You've already identified three design firms, each with advantages and disadvantages.
2. Specify important considerations
The second step in creating a decision matrix is identifying the critical factors influencing your decision that are not based on subjectivity.
Continuing with our example, your team has determined that the most important factors to consider when hiring a design firm are cost, experience, communication, and past customer reviews.
3. Create your Decision Matrix
A decision matrix is a grid that allows you to compare essential factors. This can help you organize and execute work across your organization and provide clarity that your work has zero tolerance for delays.
For example, below is the decision matrix structure to help you decide based on their cost, experience, communication, and customer reviews:
|Experience||Cost||Communication||Customer Reviews||Overall Score|
4. Fill in your Decision Matrix
Now, rate each factor on a predetermined scale. You can use a scale of 1-5, with five being the best. It is where the benefits of a decision matrix manifest. Assume you're deciding between three agencies and have four essential criteria. Here's how the three agencies and their four factors appear on a decision matrix when ranked from 1 to 5:
|Experience||Cost||Communication||Customer Reviews||Overall Score|
Specific considerations may be more important than others at times. In such cases, a weighted decision matrix helps determine your best option.
5. Add Weight
To continue our example, imagine you can't afford to go over your budget, so cost is an essential consideration in your decision-making process. Customer reviews are critical because they provide a baseline sense of how efficient each agency has been. To give each consideration weight in a decision matrix, assign a number (between 1-3 or 1-5, depending on how many options you have). You'll multiply the weighting factor by each consideration later in the decision-making process.
6. Multiply the weighted score
After you've applied your rating scale and assigned a weight to each factor, multiply the weight by each factor. It ensures that the more critical factors are given more weight, assisting you in selecting the best agency.
Here's what happens when the weighted scores are applied to each consideration for each agency:
|Agency 1||2 x 3 = 6||5 x 5 = 25||3 x 2 = 6||3 x 4 = 12|
|Agency 2||4 x 3 = 12||3 x 5 = 15||2 x 2 = 4||5 x 4 = 20|
|Agency 3||5 x 3 = 15||1 x 5 = 5||3 x 2 = 6||4 x 4 = 16|
7. Calculate the total score
Now that you have multiplied the weighted score, get the sum of all considerations for each agency. You should now have a clear, numbers-based answer as to which decision is the best.
For example, here’s what a concluded decision matrix looks like:
|Agency 1||2 x 3 = 6||5 x 5 = 25||3 x 2 = 6||3 x 4 = 12||49|
|Agency 2||4 x 3 = 12||3 x 5 = 15||2 x 2 = 4||5 x 4 = 20||51|
|Agency 3||5 x 3 = 15||1 x 5 = 5||3 x 2 = 6||4 x 4 = 16||42|
As you can see, Agency 2 has the highest rating, so that is the one you should choose. Even though Agency 1 was less expensive, Agency 2's average cost, stellar customer reviews, and years of experience make them the best option for your team. All that remains is to contact the agency and proceed with the brand campaign.
Top 10 Weighted Decision Making PPT Templates
We have compiled a list of weighted decision matrix templates to help you master the art of making well-rounded and informed decisions.
Template 1: Multivoting Matrix for Decision-Matrix PPT Template
To acknowledge the collective effort of a team, this multi-voting matrix makes a catalog of opinions and ideas to address a particular topic. It helps you thread the needle on a long-stuck tangle of uncertainties. Bring this template to your discussion table and make the decision. Deploy it now.
Template 2: Weighted Decision Matrix PowerPoint Slide
Option analysis is a cornerstone of every well-thought decision and the highlight of our template that simplifies the process. Evaluating criteria for a given subject and assigning weights according to their priority, this template helps you zero in on the options you have at your disposal, thereby helping you make a confident decision. Employ it now.
Template 3: Decision Matrix Template PPT Slide
SlideTeam holds a firm belief in flexibility, and it rubs off on all our products and services. Initially prepared to determine the threat of COVID-19 outburst, you can customize it to serve as the last piece of your risk management puzzle. Grab it now.
Template 4: Decision Matrix PPT Graphic
Unaddressed organizational problems are painful as they can take a heavy toll on your hard-earned reputation, making our template a must-have tool. Evaluate alternatives against relevant parameters. Download it now.
Template 5: Decision Analysis Matrix PPT Template
If you are looking to end your struggle of hosting tiring sessions, hoping for a solution to unearth from the ground of marketing questions, you’ve at the right place. This template is designed to answer your suspicions about what will be a better choice when you have a buying process situation (concerning the sales & marketing ecosystem) to tackle. Get it now.
Template 6: Decision Channel Matrix PPT Template
Prioritizing social media is not a choice, it is a necessity. Our decision channel matrix helps you target your communications to increase visibility and traffic, leading to the generation of more leads and conversions. It is far too productive a tool for you to ignore. Grab it today.
Template 7: Weighted Decision Matrix PowerPoint Layout
Selecting a vendor to provide valuable services without compromising your reputation is challenging. Our template makes it easy. It allows you to compare multiple vendors based on criteria relevant to your requirements. Don’t wait, grab this design to select a deserving vendor now.
Template 8: “Go, No Go” Decision Matrix Template
You can keep shooting arrows aimlessly until you hit the bullseye or get an expert with an inescapable aim. This template is relevant as it helps you stay afloat in the face of many choices and reach the coast with the best option. Get it now.
Template 9: Criteria-Based Decision Matrix PowerPoint Slide
Use our predefined criteria or modify these to reach decisions of profound importance. Like all SlideTeam products, this template exudes brilliance and brings a sense of wisdom and thoughtfulness to your decisions. Download it now.
Template 10: Taking a difficult call: Project Decision Matrix PPT Template
Use this tailor-made PowerPoint diagram and make complex decisions in no time. Prioritize projects and evaluate feasible samples before ensuring they’re good to go. You can customize it to better suit your organizational objectives. Hit the download link below.
Say Goodbye to Flipping Coins for Making Decisions
Making quick decisions is an essential component of good project planning and management. Whether you use a decision matrix to make a complex or simple decision, these decision matrix charts can assist you in considering factors and making the best decision for your team.
We have another insightful blog on a similar theme and believe it will be useful to you. Check out these 35 Best Matrix Chart PowerPoint Templates To Make Better Decisions!