Prioritization Matrix or Matrix chart is an in-depth tool to assess analyze and select the Key among available options. One can also use it to assess which asset, crypto or share should be considered. It is widely applied to identify which option is worthy than others or to identify and prioritize the root cause that needs to be addressed in what order. Selection of criteria important to project or organization, assign weight to those criteria based on their value and then rank them usually on the pre-decided scale (1-3 or any suitable) team discuss and decide. Best suited is assigned the higher value. The sum of all collectively provide more weigh to option.
It seems like Qualitative assessment but it is not rather the main value is that the Team Brainstorm, discuss and decide each Criteria and Rank, which leads to the visible value for making decision.
Item / Choice X
Select the options, intended to compare and evaluate for best option. That can be selection of best-suited available supplier, project to be opted, selection of process etc.
Relative Value / Importance
Weight given to each of the criteria in the order of value to Organization, Process or Project. Remember the sum should total to 1 or can be 100 %
Choose the criteria that are important and can play a critical role in selection or progress of operation, activity or are of high value to your project or organization (example in above table are Cost Quality, Flexibility, Time. There can also be Delivery time, Process time, Speed /RPM, Size, Headcount required etc.
Assign ‘Rank’ for each identified criteria for every option this is done usually on the pre-decided scale (1-3 or any suitable) team discuss and decide. Best suited is assigned the higher value.
In this example, three process are assess to prioritize based on Cost involved, Quality it will bring, how much flexibility it can provide and timeline (this can be project date or implementation duration)
Next step is to multiply rank with assign criteria – shown in parenthesis below,a to get the relative weight of each and then sum it to get the score.