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A decision matrix is an invaluable tool for companies looking for ways to maximize efficiency and determine the ultimate improvement option which will deliver the most benefit. Yet, it can be applied in numerous other scenarios and situations (“What is a decision matrix,” n.d.). For instance, when a company is considering launching a new product, it can compile a list of possible variants and then apply the decision matrix to evaluate them and subsequently choose the one which fits all the major requirements. The decision matrix, in this case, is particularly beneficial because companies often launch products without taking into consideration all the necessary aspects. Without the matrix, a company may overlook important factors such as its manufacturing capacity, workers’ expertise, the production cost per unit, available delivery options, and the existing alternatives to the product. The decision matrix helps include all of these variables, compare them, and find the product which corresponds to the majority of the criteria.
The most challenging part of applying the matrix to the final project was determining the two ultimate technologies which would be implemented in the business. Since there were many initial requirements that often substantially differed from one another, for example, managing customer contacts and managing inventory, it was difficult to choose the options which will be most effective. Additionally, picking one technology often entailed picking the second as an addition to the first one. It is exactly what I did when I chose to implement intelligent systems only because it complemented well the business analytics technology.
Based on the aforementioned challenges, I would recommend listing all of the requirements according to their priority to facilitate the decision-making process. Certainly, the task implied the main objective of ensuring an online presence and a customer-oriented approach, which motivated my final choice. Yet, ranging the particular requirements based on their relevancy would help make a better decision.
References
What is a decision matrix? (n.d.). ASQ. 2021, Web.
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