Steps to Create a PICK Chart in Excel
MS Excel 2010 already has templates to create a four quadrant matrix, which will save you a lot of time in your initial setup of a PICK chart. To create a PICK chart in the Excel 2003, the user needed to start from scratch by formatting groups of cells to create the appearance of the matrix.
Inserting the Matrix
Select the Insert Tab on the ribbon and then choose SmartArt.
Click on Matrix and select the Titled Matrix and this standard matrix will appear.
Labeling the Matrix
Label each quadrant clockwise as follows: Challenge, Kill, Possible, and Implement by typing the names in the left hand box.
Label the overlap area as PICK + Year, which will serve as the title of your matrix. You can adjust the size of the matrix and text labels by expanding and shrinking the size of the matrix manually.
Creating and Labeling the X and Y Axes
The next step to create the PICK chart is to design and label the X axis for the degree of difficulty and the Y axis for the level of payoff by selecting the Insert Tab, then Shapes, and then click on Block Arrow Up for the Y Axis and Block Right Arrow for the X axis. Then drag the arrow along the cells. You can use your cursor to adjust the size of your arrows.
After you have dragged the arrow to the last cell, the Drawing Tools Format Tab with appear automatically on the ribbon. Here you can also adjust the Height and Width and add other features such as Shape Fill and Outline Features. In the example PICK chart, the arrows are blue-filled with a black outline and a width of .62 inches. The X axis arrow has a length of 4.98 inches and the Y axis has a height of 3.3 inches.
To enter text, click inside the Arrow and begin typing using the Enter or Space bars to create spacing between words. The type in the example PICK chart uses the font Calibri 14 point, bold, centered. You now have your labeled PICK matrix.