Making decisions can be hard – especially if you have many factors to consider. Here is an easy way and a fully prepared Excel template to make it easier and faster. If you ever had to decide for one of multiple options based on a large number of influencing factors, you know what I am talking about.
Here you will get an Excel template and a tutorial on how to use it for fast and easy decision-making, increasing your productivity.
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The template is using the “weighted sum” method. It is easy to understand and very effective.
Basically, the weighted sum method allows you to compare X alternatives, using Y decision criteria. It assumes that these are benefit criteria. I.e., higher values are better.
I took this idea and created an Excel template, with which you can
- easily compare up to 10 alternatives,
- use up to 10 decision criteria, and
- get the results displayed in a clean bubble chart.
For scientific background and all the gritty mathematical details involved with Multi-Criteria Decision Making, check the related Wikipedia article.