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Type |
Descriptor |
I know this |
I use this |
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Pareto Analysis |
Pareto analysis is a very simple technique that helps you to choose
the most effective changes to make.
It
uses the Pareto principle - the idea that by doing 20% of work you
can generate 80% of the advantage of doing the entire job. Pareto
analysis is a formal technique for finding the changes that will
give the biggest benefits. It is useful where many possible courses
of action are competing for your attention. |
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Paired Comparison
Analysis |
Paired Comparison Analysis helps you to work out the importance of a
number of options relative to each other. It is particularly useful
where you do not have objective data to base this on.
This makes it easy to choose the most important problem to solve, or
select the solution that will give you the greatest advantage.
Paired Comparison Analysis helps you to set priorities where there
are conflicting demands on your resources. |
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Grid Analysis |
Grid Analysis (also known as Decision Matrix analysis or Pugh Matrix
analysis) is a useful technique to use for making a decision.
Decision matrices are most effective where you have a number of good
alternatives and many factors to take into account.
The first step is to list your options and then the factors that are
important for making the decision. Lay these out in a table, with
options as the row labels, and factors as the column headings.
Next work out the relative importance of the factors in your
decision. Show these as numbers. We will use these to weight your
preferences by the importance of the factor. These values may be
obvious. |
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Cost/Benefit Analysis |
Cost/Benefit Analysis is a relatively simple and widely used
technique for deciding whether to make a change. As its name
suggests, to use the technique simply add up the value of the
benefits of a course of action, and subtract the costs associated
with it. Costs are either one-off, or may be ongoing. Benefits are
most often received over time. We build this effect of time into our
analysis by calculating a payback period. This is the time it takes
for the benefits of a change to repay its costs. |
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Decision Tree
Analysis |
Decision
Trees are excellent tools for helping you to choose
between several courses of action. They provide a highly effective
structure within which you can lay out options and investigate the
possible outcomes of choosing those options. They also help you to
form a balanced picture of the risks and rewards associated with
each possible course of action. You start a Decision Tree with a
decision that you need to make. Draw a small square to represent
this towards the left of a large piece of paper.
From this box draw out lines towards the right for each possible
solution, and write that solution along the line. Keep the lines
apart as far as possible so that you can expand your thoughts |
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PMI |
PMI stands for
'Plus/Minus/Implications'. It is a valuable improvement to the
'weighing pros and cons' technique used for centuries.
PMI is an important Decision Making tool: the mind tools used so far
in this section have focused on selecting a course of action from a
range of options. Before you move straight to action on this course
of action, it is important to check that it is going to improve the
situation (it may actually be best to do nothing!) PMI is a useful
tool for doing this. |
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Force Field Analysis |
Force Field Analysis is
a useful technique for looking at all the forces for and against a
decision. In effect, it is a specialized method of weighing pros and
cons.
By carrying out the analysis you can plan to strengthen the forces
supporting a decision, and reduce the impact of opposition to it. |
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Six Thinking Hats |
'Six Thinking Hats' is
an important and powerful technique. It is used to look at decisions
from a number of important perspectives. This forces you to move
outside your habitual thinking style, and helps you to get a more
rounded view of a situation |
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OJECT Decision
making techniques
in the selection process 
