A decision matrix (also called selection matrix, problem matrix, etc.) evaluates and prioritizes a list of options. A team first establishes a list of weighted criteria and then evaluates each option against those criteria. It is also a tool that helps convert qualitative data into quantitative data using evaluation criteria. Often decisions must be based on qualitative data that are difficult to analyze. These data are also normally shaded by personal impressions and feelings, so the discussion about best options is sometimes influenced by personal bias rather than strategic choices. With a decision matrix, everyone can participate in a process that leads to a group decision with quantitatively compared data.
To develop a decision matrix:
1. All the options must be identified.
2. Criteria to be used must be decided.
3. A scale or a weight for all the criteria must be selected.
4. Every option in accordance with the criteria and scale must be evaluated and the best option chosen.