Definition of Decision matrix:
Table used in evaluating possible alternatives to a course of action. The alternatives are listed in the first column and the relevant criteria (such as cost, ease, effectiveness) are listed as headings of subsequent columns. Each alternative is given a score on a scale (commonly 1 to 5, or 1 to 10) depending upon the alternatives perceived value under each criterion. These scores are added to determine which alternative is most advantageous or deserves more attention.
How to use Decision matrix in a sentence?
- You may want to use a decision matrix if you can not find the correct way to proceed when in a tough spot.
- With the strike, fire and recent product tampering, company executives were struggling to strategize but their decision matrix was limited and further options were quickly dwindling away.
- When facing a complex problem, organizations should always use a decision matrix to help balance the risks and rewards of the possible outcomes.
Meaning of Decision matrix & Decision matrix Definition