Prioritization Matrix

As promised here is a great tool that you can use to prioritize multiple competing events.

I will explain the process first and then post an example of the spreadsheet on my google documents account for all to see.

So here are the steps…
1. Identify 2 to 7 things that you want to base your results on. For example, say you were designing a product and you wanted low cost; high quality; and quick project schedule delivery. Gosh can I ask for anything else? Your three important attributes would be

• Low Cost
• High Quality
• Quick Delivery

2. Next you need to think about how important each of them is in relation to each other on a 1 to 10 scale. Not all of them can be tens. You are kidding yourself if you think they are. One has to slightly outweigh the others. And if you do a reality check, chances are you will find that one is more than a couple points important than the other.

3. Define all of your competing projects, priorities, product designs, concepts or whatever you are basically trying to choose from.

4. Rank each of the above competing projects on the following scale:

• 1: Little or no relationship to the attribute details in item 1
• 3: Some relationship or secondary relationship to the attribute detailed in item 1
• 7: Expected relationship between concept or project and attribute detailed in item 1
• 10: Direct correlation between the attribute and the project

5. Ok here is the tricky part. You need to take the ranking in item 2 and multiply by each of the ranks in item 4 and then add them up. It is easier to see this in the spreadsheet.

Think about this tool on any item that you need to prioritize.