Donna H. Rhodes, Principal Research Scientist, MIT
Step-by-Step Process for Creating a Weighted Matrix:
- List all your options as the row labels on the table and list the factors (eg quality, location, reliability, and credit options) that you need to consider as the column headings.
- Next, work out the relative importance of the factors in your decision.Show these as numbers from, for example, 0 to 5, where 0 means that the factor is unimportant in the final decision, and 5 means that it is very important.
- Next, work your way down the columns of your table, scoring each option for each of the factors in your decision. Score each option from 0 (poor) to 5 (very good).
- Now multiply each of your scores from Step 2 by the values for relative importance of the factor that you calculated in Step 3. This will give you weighted scores for each option/factor combination.
- Finally, add up these weighted scores for each of your options. The option that scores the highest wins!
Assuming quality is most important, and if you do the weighted analysis now, Supplier C will win.
Another Example :