Benefit & Cost Matrix www.HQOntario.ca
Follow-Up to Process Mapping: Cost-Benefit Analysis Not enough time or money to implement all solutions at once A tool to list and What Is Why use it? prioritize your issues It? Prioritize changes that and their solutions are relatively easy to implement and have more potential impact Whenever several issues must be tackled Flipchart at once When to Material Marker use? required Cost-Benefit sheet Following process mapping and 5 Why Analysis www.HQOntario.ca 1
Prioritizing Issues Using A Cost-Benefit Sheet T T Low NT NT Cost T T High NT NT Benefit High Low www.HQOntario.ca 2
Prioritizing Issues Using A Cost-Benefit Sheet Step 1 : Create a large copy of the cost-benefit worksheet, or make a larger version on a white board or flip chart paper Make a copy of all of the ‘issue’ or ‘problem’ post -it notes created during future state mapping. Consider using ‘action’ post-it notes as they relate to an opportunity or root cause of the problem Step 2: Place each post-it note onto the flip chart according to their relative cost to solve the issue and perceived benefit www.HQOntario.ca 3
Prioritizing Issues Using A Cost-Benefit Sheet T T Low Cost High Low Cost Low Low Benefit Benefit NT NT Cost T T High Cost High High Cost Low Benefit Benefit High NT NT Benefit High Low www.HQOntario.ca 4
Prioritizing Issues Using A Cost-Benefit Sheet Step 3 : Determine which issues can be solved by the team and which issues require additional and outside support T = Team NT = Non-Team Step 4: Place each post-it note onto the flip chart according to their relative cost to solve the issue and perceived benefit www.HQOntario.ca 5
Prioritizing Issues Using A Cost-Benefit Sheet T T 1 2 Low 3 4 NT NT Cost T T 5 6 High 7 8 NT NT Benefit High Low www.HQOntario.ca 6
Module Action Planner www.HQOntario.ca 7
Tips For Using the Module Action Planner 1. Feel free to draw out your own sheet on a flipchart paper or make the Module Action Planner on a big sheet of paper. 2. Look at your list of issues from the cost-benefit analysis to ensure it is complete and nothing has been missed 3. Always fill the 'who' column and the deadline 4. Keep the sheet displayed in an area where everyone has access to it 5. Get the 'responsible' person to fill in the status column as the status changes 6. For each problem, fill in the circle of quadrants. Start in the top left and work your way clockwise. One quadrant each for four status steps. 7. Act on actions for the biggest problems with the highest likelihood of resolution 8. Keep the list updated on a weekly basis. Update regularly (standard work) 9. Be creative - Use it for planning everyday unit functions and not just in the 'project related' matters. www.HQOntario.ca 8
www.hqontario.ca @HQOntario ISBN 978-1-4606-3772-2 PDF
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