A prioritization matrix is an analysis tool used for business analysis. It is also a software application for time management so that a person can prioritize effectively.
The priority matrix is supported on several portals like iOS, Android, Mac OS X, and Microsoft Windows. It enables data sync across multiple devices and task arrangement in terms of importance and urgency in a 2*2 matrix.
Meaning of prioritization matrix
The prioritization matrix is often used with Six Sigma system or bpm software by comparing the given choices and figuring it out the best option for prioritizing. Large organizations, as well as an individual, can use this matrix for complex as well as simple projects quite effectively.
It is considered a reliable process that puts back the onus on what is important in an orderly manner.
It is most useful in circumstances where problem-solving resources, for instance, money, time, or people are limited or when problems and solutions are interlinked. The best thing about using a prioritization matrix is that you can use it 24*7 on any given day.
Who can use a prioritizing matrix?
Everyone who needs to keep his work organized can use a prioritization matrix. Some common examples are –
- Business owners
- Students to keep track of their assignments
- Leaders of non-profit and religious organizations
How to use a prioritizing matrix?
You can use a prioritizing matrix with the help of the following steps-
#1 Agreement amongst the users
The first step in using a prioritizing matrix is ensuring that there is a full agreement between the members of the team about the ultimate goal they are striving for. Explain the purpose of using the matrix so that every one of them can come on board.
#2 Listing the necessary criteria
The next step in this process is to list the necessary criteria to meet the required objective. Brainstorming, debate, and discussions generally help in moving this process forward.
The team should focus on differentiating the important options from the ones that do not have that much importance. You can focus on criteria like its impact, its importance, or its value.
#3 Compare the relative importance of the criteria
You have created and developed the total list, and the next step involves getting to understand and knowing about the relative importance of each criterion. Make an L-shaped matrix and list the criteria on both vertical and horizontal sides.
It is important to compare the entire criterion on both sides with each other to garner an understanding of relative importance.
#4 Evaluate your options against weighted criteria
Once you have acquired the relative importance, the next step is to evaluate it against weighted criteria.
Place your criteria in descending order of value and importance with the valuable one on the top and give every criterion a weighted value.
#5 Evaluate criteria against every other criterion
Take the first criterion and compare each choice with other possible choices. Build the matrix gradually by placing numeric values in matrix intersections.
#6 Bring it together
The final act in the using of prioritization matrix is comparing your options and scores with others in your team so that you can bring it all together. Have an open discussion to compare the notes and develop a master list that has the approval of everyone on the team.
Make adjustments for continuous improvement and remember that prioritization matrix is just a tool to establish the order of importance.
Types of the prioritization matrix
The different types of prioritization matrix are as follows-
#1 Eisenhower’s prioritization matrix
This matrix is considered a classic as it can prioritize more effectively. It consists of four squares for different tasks.
Eisenhower’s prioritization matrix is known for its flexibility and simplicity and is extensively used in management processes like development of business strategy, work planning, and product development.
#2 Value and Effort prioritization matrix
T his type of matrix has a simple structure and enables the user to complete his task easily and comfortably.
Value and Effort prioritization matrix also includes four squares that establish the value and importance of group tasks, and the effort it will take to execute them.
#3 Value and Risk prioritization matrix
This is an easy and interesting matrix that helps to segregate the tasks into four different types as per their value for the workflow. Value and Risk prioritization matrix are generally used by the specialists who help to realize the risk entailed in an activity.
#4 Value and Complexity prioritization matrix
This matrix is used for task prioritization by specialists. It divides the tasks into groups in terms of their direct business value and execution complexity.
It gives a clear-cut idea about what needs to be done to achieve the best possible outcome in the business process.
11 Benefits of the prioritization matrix
The benefits of using a prioritization matrix are as follows-
- When you have multiple factors at your disposal that can have hearsay on the decision making the prioritization matrix breaks down the complex issues
- It can work objectively and prioritize without any emotional baggage
- The prioritization matrix puts its focus on the important things and works accordingly
- It can easily garner support because of its nature and working
- It helps the team to work efficiently by communicating the priorities
- Offers visibility inside the projects that are being shared
- Keeps track of your project
- You can collaborate with other members no matter their location
- It is easy to check on the happenings of other members of the team
- Priority matrix organizes the working and dealing by prioritizing links, attached files, due dates, and notes related to the project
- It helps the user to prioritize so that he can know which part to complete first and which one to be scheduled for later
Features of the prioritization matrix
The features of using a prioritization matrix are as follows-
Quadrants-based task prioritization
This matrix is based on the Eisenhower Method of time management. The 2*2 matrix is the common framework on which the matrix can be run. In a priority Matrix, the quadrants’ default labels are
- Not Critical but Immediate
- Critical but not Immediate
- Critical and Immediate
All the quadrants have to organize the tasks depending upon the level of urgency and importance
#1 Task drag-and-drop
The project or task can be dragged from one part to another with this tool. Now there is no need to develop a new item as the user can easily change the priority level of the task by dragging it from one location to another.
#2 Project import/export
The user can shift the entire task or project inside the native file format of the program quickly.
#3 Template system
There are numerous templates, and the user can create new tasks and projects from such sample templates.
#4 Cloud-based synchronization across platforms
The prioritization matrix can sync the tasks and projects over the cloud. This is possible because the data is stored on the servers of the priority matrix.
#5 Progress and date tracking
The user can track the progress over time by installing dates for each task. As notifications arrive, it becomes easy to keep track of progress and deadlines effectively.
#6 Project summary emails and reporting
The user can create emails for quick reporting of a project.
#7 Colour and label customization
It is possible to customize every task by selecting a particular icon. The user can also change the background of every quadrant to any color scheme with the help of the RGB spectrum.