We all make decisions, every day, in one way or another. In fact, a good definition of daily life is having to make a continuous series of them.
Most are small, seemingly automatic or unconscious in nature and are of the 'yes-no' type.
Every so often we need to make larger ones. They can be so big, such as buying a car or a house, that they can have a huge impact on our lives.
A common after effect of making such a purchase is called buyer’s remorse.
This can happen when you buy a car, say, and as you are driving it home you become convinced that you have bought the wrong one or paid too much.
It becomes more difficult as we get older. Maybe it’s a result of all that buyer’s remorse building up over the years!
It helps if you try to take the emotional factors and any bias out of the process so that you end up with the most successful result possible.
The 'Decision Making Matrix' can do just that. It's a simplified version of a method used in the engineering design of large industrial complexes.
The really critical decisions in such projects entail selecting the most suitable equipment and process systems.
In the future, some doubt and concern may arise about how and why you made the selection that you did. By using this tool, you record the thought processes you went through in arriving at your choice. You create a permanent record of exactly what was known then and how it was considered in making the best decision at the time.
You will be able to refer to it at any time in the future and see exactly how you came to your conclusion. You will have minimized your buyer’s remorse.
You can apply to it any situation involving a decision with multiple options. It is especially useful when the options have been narrowed down to two or three and the decision making has become quite difficult
It's generally more useful for major situations such as buying a house, choosing between buying a house or an apartment or buying a car. However, it can work well on choosing between options with less of a financial impact, for example; deciding on vacation options.
Click on this link for an example of how it works:-