matrix

(noun)

Matrix management is a type of organizational management in which people with similar skills are pooled for work assignments.

Related Terms

Examples of matrix in the following topics:

  • Matrix Structure

    • The matrix structure organizes employees by function and output to capitalize on strengths and improve efficiency.
    • The matrix structure groups employees by both function and product .
    • Balanced or functional matrix: A project manager is assigned to oversee the project.
    • Strong or project matrix: A project manager is primarily responsible for the project.
    • Representing matrix organizations visually has challenged managers ever since the matrix management structure was invented.

  • The sun rise of your new business and accessing market opportunity: the initial rim of the wheel

    • To help you decide when to move forward with and when to forego an opportunity, please see the "Stop and Go Signs for Assessing Market Opportunity Matrix."
    • This matrix is a concise, easy to reference and somewhat simplistic way to make decisions on judging market opportunity.
    • This matrix suggests four major causes for a new venture to not find a profitable market opportunity.
    • You can refer back to these stop signs in this matrix as constant reminders of when to turn your market opportunity strategy in another direction. "
    • Exhibit 4: Stop and Go Signs for Assessing Market Opportunity Matrix

  • Business to business marketing models

    • Three of best known models are the Boston Consulting Group (BCG) Matrix, the McKinsey Matrix, and Larry Downe three forces.Each of these models is described below.
    • The key components of the matrix are illustrated in Exhibit 16 and discussed below:
    • The McKinsey matrix is a later and more advanced form of the BCG Matrix.
    • It has several differences with BCG's matrix, as discussed below.
    • Finally the McKinsey matrix works with a 3x3 grid, while the BCG Matrix has only 2x2.

  • Organizational structure and human resources management

    • A matrix structure is often adopted in organizations that would like to optimize decisions across multiple organization dimensions.
    • A matrix organization simultaneously utilizes two or more dimensions (product, geographic, function, etc. ) to organize the company's work.
    • Advantages: The matrix allows functional efficiencies to be achieved while also allowing for the management of discrete product lines.
    • Disadvantages: The matrix is complex and often involves additional coordination costs.

  • Principles of Organization Design

    • ., functional, divisional, matrix, or networked).

  • Organizing Tasks

    • If a company decides that a matrix structure is best for it.
    • Using the matrix structure, this company would organize functions within the company as follows: "product a" sales department, "product a" customer service department, "product a" accounting, "product b" sales department, "product b" customer service department, "product b" accounting department.

  • Benefits of Organization

  • The Organization Chart

    • Organization diagrams can depict hierarchical, matrixed, or flat/horizontal structures.

  • New Product Ideas

  • Centralized versus decentralized organizations

    • So how does an owner begin to digest and pick between all the choices (function, product, process, project or matrix structure, flat versus tall, centralized versus decentralized) available when it comes to organizing a business?