The Decision Matrix
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The article will elaborate on the concept of the DM, application of the DM, challenges in relation to the DM, improvements of the DM and finally a personal review of the tool is conducted. | The article will elaborate on the concept of the DM, application of the DM, challenges in relation to the DM, improvements of the DM and finally a personal review of the tool is conducted. | ||
| − | [[File:Basic Dm.png|600px|thumb| | + | [[File:Basic Dm.png|600px|thumb|Table 1. The basic Decision-Matrix, with four candidate and four criterion (this may vary relating to the complexity), a total sum column showing the best candidate and a column showing any additional comments.]] |
Revision as of 10:30, 16 September 2016
Contents |
Abstract
Innovation within technology is moving faster than ever. Companies are forced to keep innovate new products or improve exsisting products. Due to strict time frames and many different competitors on the technological market, decision-making within product-development/innovation have to be credible and solid. However, in the decision making process in product-development/innovation, low knowledge and many uncertainties are dominating. By using the so-called ”Decision Matrix” (DM), the former can be increased and the latter can be decreased and will be elaborated further. Hence, in product-development/innovation the DM is extremely relevant and may create more knowledge and turn these uncertainties into measurable quantities.
This wiki-article wishes to give a deeper insight and background description of the DM e.g. The Concept Screening Matrix and examine both the quantitative and qualitative approches (Stuart Pugh's approach). In addition the application procces will also be examined by focusing on innovation-projects, –programs and –portfolios including a ”Six Steps”-process description. Moreover, it will contain which parameters/criterion are key and appropriate in order to obtain an realistic and solid output when applying the DM, e.g. define the end-goal and stakeholders (customers), reflect on output and list the weight of parameters/criterion.
Challenges and difficulties when using the DM will also be examined focusing on how to chose the DM parameters/criterion and their weights and how to relate objectively to the outcome and how to use the DM as an iterative tool. Finally, suggestions are identified in order to accomodate and improve the challenges and difficulties and to identify for what the tool is applicable, for when the DM is applicable, how the DM is applicable and for who it is applicable and who can benefit from the DM.
The preliminary structure:
- Concept desription of the tool, the DM (both quantitative and qualitative approaches
- Application in innovation-projects, –programs and –portfolios and choice of approriate parameters/criterion when using the DM
- Challenge and limitations in the DM
- Suggestions for improving the challenges and limitations of the DM
Introduction
The following wiki-article focus on the tool the Decision Matrix. The Decision Matrix (DM)is a tool which can be used in many connections. Both everyday-problems like “what should we have for dinner?”, “which theme should party be?” and the list is end-less, however the DM can also in more complex situations like in development projects, where problems like “Which product should we improve?” and in bid-situations where many criteria are influencing the final winner of the bid.
Hence, the DM is a very relevant tool for both Programs, Projects and Portfolio since decision making, no matter the complexity, is inevitable factor in all perspectives of achieving an end-goal.
The article will elaborate on the concept of the DM, application of the DM, challenges in relation to the DM, improvements of the DM and finally a personal review of the tool is conducted.
Big Idea
The basic concept
The Six Step process
Application
Limitations
Improvements and recommendations
Personal reflections
Annotated bibliography
Ulrich, Karl T.; Eppinger, Steven D. (2013) Product Design and Development
- Description of perspectives on marketing, design and manufacturing where theory and practical cases are explained in order to elaborate and support the theory
Lecture (13.09.2016) 42457 Supply Chain Management, DTU Engineering Management
- Lecture in the course 42457 Supply Chain Management regarding strategic network design, Location-allocation problem and hence tools and methods to manage the problem the DM
Conversation with a Construction Manager from BaneDanmark (12.06.2016)
- Unformal conversation with a construction Manager from BaneDanmark disussing the tender process for public construction projects with focus on the grading system and the process evolving that.
Sloma, Richard S. (2000), No-Nonsense Management
- A guide for managers including 70 principles which managers should follow if they wish to be successful and have a maximum performance.
The U.S. Small Business Administration () https://www.sba.gov/managing-business/leading-your-business/making-decisions
- Article formulating tips for Decision-Making, common Decision-Making mistakes and the importance of making time during a desicion process.
Brooks, Chad (01.04.2014) http://www.businessnewsdaily.com/6162-decision-making.html
- Article formulating Desicion-making tips and tools and explaning common mistakes.
