Introduction
The following is a detailed example of using a decision matrix and scoring mechanism to evaluate and make a complex decision. It should serve as a basic introduction to the decision matrix mental model and its uses.
Using the Decision Matrix to Choose a Career Path
Making a career decision can be difficult, especially when you have multiple options with various trade-offs. The decision matrix is a helpful tool to evaluate your choices systematically and make a more rational decision. Here’s an example of how to use it in the context of choosing a new career path.
Scenario
You’re currently in a stable but unfulfilling job and are considering a career change. You have three options:
- Pursue a job in a different industry (Industry B).
- Go back to school for a graduate degree.
- Stay in your current job and aim for a promotion.
Step-by-Step Walkthrough of the Decision Matrix
1. Identify the Criteria
First, list the key criteria that are important in your decision. For this example, the following factors matter:
- Job satisfaction: How much you’ll enjoy the work
- Financial stability: Potential salary or financial support
- Work-life balance: The balance between personal time and work
- Growth opportunities: Career advancement potential
- Risk: Uncertainty involved with each path
2. Assign Weights to Each Criterion
Not all criteria have the same importance. Let’s assume you weigh the factors as follows (out of 10):
- Job satisfaction: 8
- Financial stability: 6
- Work-life balance: 7
- Growth opportunities: 9
- Risk: 5
3. Rate Each Option Against the Criteria
Next, rate each option on a scale of 1 to 10 for how well it satisfies each criterion. Here’s the table of ratings:
| Option | Job Satisfaction | Financial Stability | Work-Life Balance | Growth Opportunities | Risk |
|---|---|---|---|---|---|
| Pursue Industry B Job | 7 | 6 | 6 | 8 | 6 |
| Go Back to School (Graduate) | 9 | 4 | 7 | 9 | 3 |
| Stay in Current Job | 5 | 7 | 8 | 6 | 9 |
4. Multiply the Ratings by the Weights
Now, multiply the ratings for each option by the weight assigned to each criterion to calculate the total score:
| Option | Job Satisfaction (8) | Financial Stability (6) | Work-Life Balance (7) | Growth Opportunities (9) | Risk (5) | Total Score |
|---|---|---|---|---|---|---|
| Pursue Industry B Job | 56 | 36 | 42 | 72 | 30 | 236 |
| Go Back to School (Graduate) | 72 | 24 | 49 | 81 | 15 | 241 |
| Stay in Current Job | 40 | 42 | 56 | 54 | 45 | 237 |
5. Analyze the Results
Add up the scores for each option:
- Industry B Job: 236
- Graduate School: 241
- Stay in Current Job: 237
In this case, going back to school has the highest score (241), which suggests that it might be the best option based on your weighted criteria. However, the scores for staying in your current job (237) and pursuing a job in a different industry (236) are also close, indicating that all three options have their own merits.
6. Make a Decision
Now you can review the results to decide if the highest scoring option aligns with your intuition or needs further consideration. The decision matrix gives you an objective framework for analysis.
* AI tools were used as a research assistant for this content.
Not Quite Random 