My parents use a "pros / cons" worksheet when making a large decision. I expanded it similarly to the priority matrix; there are four quadrants: pros of doing; pros of not doing; cons of doing; and cons of not doing.
Later when I worked in technology we used variants of the priority matrix. It's easiest to use with a 2x2 matrix like the one you demonstrated. I really like that as well, I hadn't seen it with such simple wording -- "do first, do next, do later, don't do". Thanks for sharing!
@libertyteeth, it was my pleasure. I have seen several different variations of the matrix. People seem to customize the size and the descriptions based on their need. I wanted to let you know that I added a source link.
My matrix is based on an article found at the following link: https://www.skillsyouneed.com/ps/time-management.html.