The matrix is one of the most flexible and adaptable tools in my arsenal, and thus one of my favorites for project analysis, decision-making, and presentation. Although at the core, a matrix is just a group of numbers or words, it can represent anything from survey tabulations to unit evaluation to strategic planning.
One of the best known examples of a matrix developed for business analysis is the GE / McKinsey Matrix. This was developed in the 1970s to evaluate GE’s large portfolio of strategic business units.
GE / McKinsey Matrix
The beauty of this matrix is the combination of flexibility and simplicity. It will accommodate any size of project or process. You can increase or decrease the number of factors on either axis to accurately reflect your target. By plotting the results of your analysis of Unit Strength in relation to perception of the product or service, you establish a baseline. Through presenting this visual in stakeholder group meetings you can then lead the discussion to formulate strategies and action items to change existing conditions to desired positions.
This is also an excellent method for achieving consensus within the group. Often, that is a much greater hurdle than coming up with solutions. But, by breaking apart the larger picture and providing a new perspective, you can lead the group to maybe a better understanding of how each piece of the puzzle fits together and what needs to be done to achieve the overall objective.
I use matrices to sometimes organize my thoughts. Some projects present so much work to be done that you need to determine a method to prioritize to get anything accomplished. It can be exciting to discover so many issues to attack, but it can also be paralyzing. A matrix creates a snapshot of a project or process in two dimensions and sometimes gives that little bit of perspective to discover the solution. That’s when you see that Matrices Rock!
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By Jeffrey Harrell. Jeffrey Harrel founded Advanced Business Solutions in 1994. ABS is a computer consultancy group in Colorado Springs CO, specializing in business and technology integration for the small and micro business. For more information visit their website at www.ABSNow.com. View more blog posts by Jeffrey Harrell |
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