What is a Feature Comparison Matrix?
- If you want to compare Features of various Products of similar class.
- If you are working in Software Product Development Company, and you are part of a new Product Development Process. At that time, you need to do a Market Analysis & Industry Analysis to understand the Vendors (Competitors) who are providing similar kind of Products. As a result of your Market/Industry Analysis, you need to come up with a Feature Comparison Matrix which will show-case the various features offered by similar kind of Products and which all features exist in which Product.
- If you are working in a Project, and the Project requires a specific 3rd Party Product to be integrated for a particular module. E.g.: If you are working in a "Treasury" Management System, and you require a 3rd party application for "Forex Pricing Engine". So you need to identify the Vendor's Products you are looking and go through the details of those products and prepare a Feature comparison Matrix, which can be used later for Vendor/Product Evaluation.
- There are total 14 features in the Matrix. Out of 14 features, how many features are present in each Vendor Product.
- "Vendor 1 - Product 1" satisfies maximum number of features i.e. 10.
- "Vendor 4 - Product 4" satisfies minimum number of features i.e. 5.
- "Feature - 11" is present in all the 4 Vendor Products.
- "Feature - 2" is present in only one Vendor Product.