The Decision Matrix

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 projects within product-development/innovation, the decision process 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. Hence, in product-development/innovation the DM is extremely relevant and may 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). In addition the application procces will also be examined 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 criterion.

Challenges and difficulties when using the DM will also be examined focusing on how to chose the 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 take advantage of the DM.

The main focus will be on innovation projects in their early stages.