- Problem Definition
I and my wife found that we are ready to move to a new place. After discussing with real-estate agents, we came across three choices, which are hard to choose among them as my wife was more into one of the options (Town-House).
2. Development of Feasible Alternatives
Based on the discussion with the real-estate agent we identified 3 suitable options; buying another town-house, apartment or house.
- Development of the Outcome for Alternative
Market / Demand
- Selection of Criteria.
|Price||100,000 R.O||80,000 R.O||150,000 R.O|
|Market / Demand||High||High||Average|
|Rent price/year||12,000 R.O||13,200 R.O||7,200 R.O|
Figure 1. Analysis Comparison
- Analysis and Comparison of the Alternative.
By using Grid Analysis, the comparison of the above criteria will be as below;
|Market / Demand||3||3||2|
Figure 2. Weight Assessment
Price: 3=Cheapest, 2=Cheaper, 1=Cheap
Locations: 3=Best, 2=Better, 1=Good Market
Market Demand: 3=Higher, 2=High, 1=Average
Rental Price: 3=Lower, 2=High, 1=Higher
- Selection of the Preferred Alternative.
Further to the exercise applied (Grid Analysis), the above table shows them Apartment scored the highest ranked which can be considered as the preferred alternative.
- Performance Monitoring and the Post Evaluation of Result.
The minute I showed the above results to my family, they were totally convinced that the apartment is the best choice to buy.
- Anonymous (2009, FEB). Grid Analysis – Decision Making Techniques from Mind Tools. Retrieved June 22, 2014, from http://xenophilius.wordpress.com/2009/02/06/grid-analysis-decision-making-techniques-from-mind-tools/
- Decission Matrix Analysis. Retrieved from:http://www.mindtools.com/pages/article/newTED_03.htm