Techniques That solve Business problems

Grid AnalysisPresented By: Greg Winicki, Samuel Yeung, Carmen Visconti, Jordan VosyliusWhat is a grid analysis?Making a choice when many factors and alternatives need to be considered and assessedIt is the heart of the decision making process for alternativesIts a tool that allows specific decisions to be weightedIt contains a list of values in rows and columns that allows businesses to systematically identify, analyze, and rate the performance of decisions between sets of values

Grid analysis/decision matrix analysisA quick and easy exampleConcept B would be the better decision because its weighted score is the highest

Heres a quick 2.5 minute video to explain furtherhttp://www.youtube.com/watch?v=WpLXbV0jm9cHow to create a Grid analysis#1- List options on rows (i.e. laptop), list factors on columns (i.e. cost, memory)#2- Work your way down the columns scoring each option by how well it fits the factor. Score criteria is 0-5#3- Work out relative importance of factors. Weighing factors from 0-5#4- Multiply the scores for each option by the relative importance of the factors#5- Add weighted scores for each option. Highest score is the best decisionGrid Analysis in a real life scenario Windsurfer in need of a new car

Why do businesses need this tool To evaluate and prioritize optionsHelp in making a definitive decision when lots of factors are presentProvide an explanation and reasoning behind a decisionDetermine the direction of the business and understand what is important and what is notTo understand potential scenarios and analyze them further to arrive at a conclusion about a particular aspect of the businessBecome more involved with thoughts and opinions of othersTo collect data based on various criteriaWhen do businesses need this toolWhen looking at large masses of decision factorsWhen there isnt a clear and obvious preferred optionWhen businesses want to handle decisions confidently and rationallyWhen only one new product can be developedWhen only one solution or problem-solving approach can be implementedWhen one improvement opportunity or problem must be selected to work on

Using Grid analysisBest used to summarize data that was collectedIn some cases the un-weighted scores are tallied and both scores are studied to guide the business toward a decisionIf different people assign different ratings to options a discussion should be encouraged to arrive at a consensusSome guessing is involved with assigning ratings so the rating is only as good as the assumptionOption criteria usually fall under categories of effectiveness, feasibility, capability, time required, and supportCase work

Group workPlease work with your assigned group to arrive at a decision by using the grid analysis technique and the handouts

Benefitting from this techniqueTakes into account all the possible options Allows businesses to assess and make an informed decision according to the research and analysis that was doneReduces the chances of businesses overlooking opportunities or risksHelps businesses accurately decide on an option that is beneficial in all aspects

Thats all folks!!!!Thank-you!

Sources Used"Decision Matrix."ASQ. American Society For Quality. Web. 13 Mar 2014. .

"Grid Analysis."Mindtools. Mind Tools Ltd., 21 Nov 2011. Web. 13 Mar 2014. .