What is a Prioritization Matrix?
Use specified, measurable criteria to rank priorities and make informed decisions on how best to allocate resources during solution stage.
A prioritization matrix is used to organize a set of solutions based on objective criterion. The process of building this matrix guides stakeholders through naming their priorities and assigning numeric weights to each criterion. Through the creation of the matrix, organizations can identify, document, and verify the most impactful and valuable improvement opportunities. This method encourages transparency, collaboration, and efficient decision making through consensus-driven analysis and problem-solving.
How do I apply a Prioritization Matrix?
- Once improvement opportunities have been identified, meet with stakeholders to develop a scoring system for each criterion.
- Determine and document the weight for each criterion.
- Calculate the score for each identified improvement opportunity.
- Rank improvement opportunities based on the calculated scores.
- Graphically display improvement opportunities to identify which are small quick wins, should be pursued first, are status quo, or are major projects.
- Discuss with stakeholders which opportunities should be targeted based on ease of execution, enterprise need, and tradeoffs.