The prioritization matrix ranks factors. The process allows one to identify the factors that are the first priority. These factors can then be analyzed for possible corrective actions. The prioritization matrix allows for the weighting of each identified criterion.
This tool is used to prioritize items and describe them in terms of weighted criteria. It uses a combination of tree and matrix diagramming techniques to do a pair-wise evaluation of items and to narrow down options to the most desired or most effective. Popular applications for the Prioritization Matrix include Return-on-Investment (ROI) or Cost-Benefit analysis (Investment vs. Return), Time management Matrix (Urgency vs. Importance), etc." [Seven Management and Planning Tools. Wikipedia]
The prioritization matrix is one of the Seven Management and Planning Tools (7 MP tools, Seven New Quality Tools).
The prioritization matrix template for the ConceptDraw PRO diagramming and vector drawing software is included in the solution "Seven Management and Planning Tools" from the Management area of ConceptDraw Solution Park.