Many real-life decision-making situations have several conflicting criteria that need to be considered at the same time. Traditionally, this is often dealt with by applying trial-and-error methods, or by relying on the experience of people. In such situations, decision makers are required to use prioritization in order to make effective decisions. Prioritization is an essential skill that needs to be mastered by professionals to make the best use of their own and their teams’ time and effort.
A Prioritization Matrix is a decision-making method that allows to select the most appropriate alternative after evaluating multiple conflicting criteria. It provides a way to prioritize a list of items into an order of importance in order to select and decide further actions. It is often used in the Multi-Criteria Decision Analysis and other decision-making methodologies. This might be a project that you need to start, an issue that you need to resolve, or a solution that you need to implement.
A Prioritization Matrix helps reduce options to the most effective and least costly among the available choices. With good prioritization, you can better make use of time and resources to focus on the things that really matter. And if prioritization is implemented in a team-based manner, it allows the team to agree on the priorities and move toward the action collectively.
Developing a list of evaluation criteria is the first step before prioritizing your alternatives. These criteria represent the standards by which the different alternatives can be measured and compared. They will provide an objective and consistent basis for comparison. Brainstorming, affinity diagrams and voting can be used to generate, organize and reduce the evaluation criteria. It is important when developing the evaluation criteria to ensure that costs, benefits and risks are taken into account.
After having an agreement on the assessment criteria, you then need to weight the criteria according to importance as perceived by the team and other stakeholders. The simplest way to weight the evaluation criteria is by allowing the team members to distribute a certain number of points between the selected criteria.
University professors and business coaches can use this template when preparing courses on time management or task prioritization.
This template can be used by project managers when preparing a resource allocation report. You can identify the most important tasks at the moment, over which you need to tighten control or reallocate resources to complete the task on time.
Also, this template can be used by financial analysts when preparing reports on possible options for investing company funds to obtain the greatest profit with minimal risk.
Proritization Matrix is a professional and modern template that contains five stylish and fully editable slides. You can change the type and size of the font, color and position of the infographic yourself. This template will be useful for analysts, department heads, company executives, business coaches. Proritization Matrix template will complement your old presentations and will be a worthy addition to your collection of professional presentations.