Decision Matrix AnalysisMaking a Decision by Weighing Up Different Factors
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 factors you need consider as columns. You then score each option/factor combination, weight this score by the relative importance of the factor, and add these scores up to give an overall score for each option.
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The way you frame your decision at the outset can make all the difference.
State your decision problems carefully, acknowledge their complexity and avoid unwarranted assumptions ...
A decision is a means to an end. Ask yourself what you most want to accomplish and which of your interests, values, concerns, fears, and aspirations are most relevant to achieving your goal.
Decisions with multiple objectives cannot be resolved by focusing on any one objective.
Your decision can be no better than your best alternative.
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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.
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 ...
... 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.
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