Facing and making difficult decisions is part and parcel of being a project manager. Of course, by having proper learning and taking courses like PMP virtual training, navigating tough choices becomes easier. However, even with knowledge and experience, there will be times when there is no obvious wrong or right answer, and weighing each option’s pros and cons is the only way to reach a well-informed decision.

This is where a decision matrix comes in to help project managers systematically break down and assess their options. But what exactly is a decision matrix, and why should it be part of your project management toolbox? Read on as we go over how this tool and others like it can aid you when making important decisions.

Decision matrices defined

A decision matrix is a table or chart that allows project managers to get a clearer picture of their options. Making a matrix involves careful thought about the key priorities of the project and which factors are the most significant. As such, a decision-making matrix is in many ways just like a list of pros and cons that goes much more in-depth as it assigns relative values to each option and gives different weightings to all relevant factors.

For instance, if you need to supply specific members of the team with new laptops for remote working, you may want to consider the following:

• Processing power
• Price
• Portability
• Battery life
• Memory
• Storage space

Of course, you would ideally want to get something with good specifications at a low cost, but realistically, you will have to compromise on several factors. In this instance, your choice will largely depend on what the employees need to complete their work efficiently, be it long battery life, quick processing power, or high portability, all while staying on budget.

Advantages and disadvantages of decision matrices

It makes sense to leverage a decision matrix when faced with a decision that involves multiple options and when weighing your choices with quantitative criteria. What’s more, it is highly useful when you are looking to break down decisions where you have lots of quantitative criteria to take into account (typically anywhere between three to eight). That said, their usefulness decreases when making decisions based on qualitative criteria or if the list of criteria for consideration is much longer.

Hence, going back to the traditional list of pros and cons may be better and easier to understand for simpler decisions with only several options, and you are just weighing a short list of qualitative criteria. On the other end of the spectrum, very complex decisions may prove too unwieldy for decision matrices and difficult to understand. Although weighing the importance of each criterion can help with interpreting the matrix, it may be better to use other tools if you find yourself with more than eight criteria.

What is included in a decision matrix?

A decision matrix covers all possible options for a given project and the relevant factors that go into arriving at a decision. Each of these factors may also have weightings that provide extra information. For instance, when planning an end-of-year corporate event, a host may need to decide how to transport guests from different branches to the venue. Your matrix may look like a 4×5 table, with the first row being filled with all viable transport options like Public Transit, Taxis, or Renting Private Transport. Meanwhile, the first column could include factors like Cost, Timings, Accessibility, and Insurance Risk.

You work through this matrix by rating each option on a scale of one to five for each factor, with five meaning the highest score. For instance, having guests come to the venue using public transit may be the most affordable, but it could deter some from attending because of the inconvenience of getting home once the party’s over.

After completing the matrix, the next step is to total all the scores of each option and the one with the highest score is considered the “best” according to the matrix.

Developing projects with decision matrices

Project managers can apply decision matrices for any decision where the significant factors are well established. However, it is important to note that a decision matrix is not a binding document and should only be used as any other tool to help them better understand their project.

For instance, in that previous example, you may consider using a weighted decision matrix to decide how to transport employees and discover that renting private transportation is the best choice. Yet, your intuition says the matrix may have come to the wrong conclusion. Whenever your gut disagrees with the matrix, that is a sign to redo the matrix and reconsider the criteria you input.

Private transport, like a minibus, may have everything like accessibility, cost-effectiveness and provides total control over timings. Still, if the company serving your area only provides old vehicles that are not up to par with your preferences, you will naturally disagree with the matrix’s conclusions. In other words, the disagreement with the matrix stems from not including comfort in your criteria.

As you can see, although decision matrices are not always guaranteed to provide the right answer, they can still help you discover issues that have gone unnoticed in your project. The true value of decision matrices is that it helps you put your thoughts and ideas down on paper in a systematic fashion.

Conclusion

Being a project manager is no easy feat. On top of possessing certain leadership qualities, managers also need to leverage tools to work more efficiently and effectively. A decision matrix is one example, as it helps remove emotion from the decision-making equation and provides only concrete, quantitative information to ensure clear and well-informed decisions.

There is more to improving your skills as a project manager beyond effectively using the tools and best practices available to you. If you want to take the next big leap toward your career progression, consider signing up for project management courses at BridgingMinds today. As a premier education leader that promotes life-long learning, we provide quality courses that bridge the knowledge gaps of professionals and organizations, enabling them to become more competitive and achieve their goals and aspirations. To learn more about our other courses and certifications like CompTIA Security+ Certification, SF – ITIL® 4 Foundation, and SF – DevOps Foundation, don’t hesitate to drop us a message at any time.