APPLICATION IN BUSINESS MATRIX 1)Define the Purpose: Clearly outline the inspiration for the matrix. Is it for performance review, risk assessment, strategy planning, or something else. 2)Choose Relevant Factors: List the crucial elements that the matrix must contain and that support the objective. For example, market growth rate, market share, customer satisfaction, or financial metrics. 3)Data Collection: Compile reliable and precise information for every aspect. This might include data on internal performance, financial reports, consumer surveys, or market research. , 4)Normalization: Ensure that factors with various scales or units may be compared on an equal footing by normalizing the data. 5)Assign Weights: In line with their proportional importance in achieving the objective, assign every component its appropriate weights. 6)Plot the Matrix: Depending on the complexity, visualize the data by displaying it in a matrix format, such as a 2x2 matrix or a multi-dimensional matrix. DONEBY: AJMAL _ 24BC0202