The prioritization matrix is a powerful tool that can be used in prioritizing tasks or goals based on two key factors namely, importance and urgency. By determining how important and urgent a task is, you can easily prioritize what may need to be done and ensure that you're always working on the most important tasks.
A prioritization matrix is essentially a four-quadrant grid with the x-axis being used to assess the importance or urgency of an issue, and the y-axis used to assess the impact or potential rewards. Basically, the quadrants are used to prioritize the options based on their urgency and importance.
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Prioritization matrices provide a mechanism for ranking the relative importance of ideas or issues that assists in deciding what to do after key actions or Critical-To-Quality (CTQ) characteristics have been identified but their relative importance is not known with certainty.
It is a visual diagram used to compare multiple (at least two) sets of data using some sets of criteria. The matrix consists of a set of criteria options and the alternatives under consideration.
Prioritization matrices are especially useful if problem-solving resources, such as people, time or money, are limited, or if the identified problem-solving actions or CTQs are strongly interrelated.
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There are basically four (4) levels of prioritizing tasks as discussed below. The manner and ways of handling each level vary from one person to another and from one company to another.
Using a prioritization matrix provides many benefits, including the following:
The prioritization matrix should be used when
The following are some steps for implementing prioritization matrix for your processes:
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