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Definition of the Decision Making Tool Grid Analysis

"Somewhere along the line of development we discover what we really are, and then we make our real decision for which we are responsible. Make that decision primarily for yourself because you can never really live anyone else's life”- Eleanor Roosevelt (Arsham, 2005). Making decisions is a part of everyone’s life. Daily we face decisions from deciding what shirt to wear to whether or not to fire someone. The fear of making the wrong decisions is well known to any responsible manager. “As Eleanor Roosevelt said, "You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face” (Arsham, 2005). Using decision making tools and techniques help you to make the best decisions possible with the information you have available. With these tools you will be able to map out the likely consequences of decisions, work out the importance of individual factors and choose the best course of action to take. Some tools that are routinely used in commercial decision making are decision trees, 6 thinking hats, plan/do/check/act model, and the cost/benefit analysis. This paper will attempt to define and apply one very important widely used tool, the grid analysis. Grid Analysis is making a decision taking into account various factors. It is a useful technique to use for making a decision. It is most effective where you have a number of good alternatives and many factors to take into account. The text calls this tools a prioritization matrix. DeJanasz, Dowd, and Schneider (2001) state, “The prioritization matrix is a useful tool for helping a group select the best alternative or solution when considering from among several and against multiple criteria” (ch. 19, p. 400). The grid analysis approach would not be useful for a problem that was simple with few alternatives. So when you are trying to solve a problem you should first be sure to select the appropriate tool or technique to use. The fi...

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Definition of the Decision Making Tool Grid Analysis. (1969, December 31). In DirectEssays.com. Retrieved 09:24, October 25, 2014, from http://www.megaessays.com/viewpaper/12307.html