The Options Matrix Tool (OMT): A Strategic Decision-making Tool to Evaluate Decision Alternative
By Cathy A. Enz, Lewis G. Schaeneman, Jr. Professor of Innovation & Dynamic Management Strategy at Cornell University
The options matrix tool (OMT) is a spreadsheet-based decision making tool designed to help managers apply a set of decision criteria to a variety of alternatives or strategic options. It is particularly useful for decisions that require substantial judgment and for which numbers may not be available. By working through a series of decision-process steps, managers can establish criteria for the assessment and comparison of different possible alternatives and then compare choices. The tool allows managers to list and weigh various decision criteria deemed important for a given business situation or problem alternative. The most desirable option is then identified in a final spreadsheet along with an evaluation of each option. While the OMT is self-explanatory and designed to be easy to use, this report offers a brief description and examples of how to use the tool. Making judgment-based decisions among a variety of viable options is made easier when a systematic process is utilized such as the one offered in this tool.