B 250: 09 Lesson 3 Weekly Reflection

Weekly Reflection - Value of a Weighed Decision Making Matrix

This week students were given multiple cases revolving around Joe, Trevor, and Amy, three entrepreneurs who are trying to find solutions to their important decisions. Through reading and external research we provide a response and opinion to their question.

To assess each decision we have been asked to make a weighted decision matrix; a great tool that allows for unbiased decision making. These weeks I wanted to offer up a brief explanation of the process as well as important considerations.

Below is an example of such a matrix

While formatting can differ, in this example the different options are listed vertically under “alternatives”, and the chosen criteria are listed horizontally. Each criterion is given a “weight” or a level of importance. Perhaps the most import part of making a successful matrix is to assign weights prior to rating the alternatives; this prevents a bias from altering the results.

With the use of this tool business owners, and all decision makers can be given some much-needed guidance if required.

On a final note, if you are not confident in the results of the matrix try looking at the weights of each criterion, that may be the issue.