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Decision Matrix AnalysisMaking a Decision by Weighing Up Different Factors

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Decision Matrix AnalysisMaking a Decision by Weighing Up Different Factors
Making a Decision by Weighing Up Different Factors Imagine that your boss has put you in charge of taking on a new outsourced IT supplier. You've already identified several different suppliers, and you now need to decide which one to use. You could decide to go with the low-cost option.

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Decision Matrix Analysis

Decision Matrix Analysis

A decision matrix is a table that helps you to visualize the best option between your different alternatives.

It works by getting you to list your options as rows on a table, and the f...

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Choosing An Apartment: The Scientific Way

Choosing An Apartment: The Scientific Way

Many individuals and couples have an idea in their minds about what kind of apartment they would like to move into. The problem is when there are more than a couple of factors, preferences and opin...

The Decision Matrix To Choose An Apartment

To facilitate an apartment choice, list out the basic factors and provide weightage to each, based on personal choice. A few of those elements can be:

  • Amount of rent per month.
  • Size, layout, design and direction.
  • Pet policies
  • Lease duration.
  • Windows and lightning, elevators, stairs and furniture placement
  • Outdoor space and nature view.
  • Proximity to the grocery store.

Each apartment can then be quickly rated for each factor, making the final decision quick and transparent.

Making decisions

Making decisions

Decision making is critical for entrepreneurs. Every day, you have to set out on a course of action, choose tactics, evaluate results, and otherwise choose from arrays of options.

4 common mistakes that can trip you up

  1. Monumentalizing the Trivial. Place a limit on how long you're willing to spend addressing the issue. When the time ends, make your choice and move on.
  2. Dredging Sunk Costs. Estimate how much the decision would take in total to follow through. If the cost is higher than the benefit, change your decision.
  3. Drowning in Data. Identify less than 10 pieces of relevant data that will have a strong impact on your decision's outcome. Then forget everything else.
  4. Do-or-Die Mentality. Realize that every decision is temporary. Use an overall decision-making strategy that stretches over time, not that imagines each moment to be the most critical one for the business.

The Freedom of Choice

The freedom of choice is generally perceived to be good, but studies show that too much choice can be a hindrance and can impede the decision.

On the contrary, having fewer choices has shown ...

Fear of Better Options

... or Maximization, is a behavioral trait that makes us look for all possible options before we decide so that we don't miss out on the best option and regret later, after making the decision.

We take into consideration all available options to minimize our frustration and stress.

Maximizers vs Satisficers

  • Maximizers feel less satisfied even if they make better decisions, since they had so much choice, and choosing the best comes down to some sort of compromise.
  • Satisficers: They are the people that make quick decisions with fewer options and that tend to be more satisfied.

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