Location models or methods, Project Management

Assignment Help:

Location Models or Methods

Factor rating system

Factor Rating System are  perhaps the most   widely used  of the  general location  techniques because they provide  a mechanism to combine diverse factors in an easy to understand format. In this method, factor ratings are used to evaluate alternative locations.

The method has the following advantages:

  1. Simplicity, which facilitates communication about why one location/ site is better than another.
  2. Enables bringing diverse location considerations into the evaluation process.
  3. Foster consistency of judgment about location alternatives.

The steps involved are:

  1. List the most relevant factor in the location decision.
  2. Rate each factor ( say from 1 for very low and to 5 for very high) according to its relative importance i, e, factor rating is given to each factor based on its importance the higher the ratings the more important is the factor.
  3. Rate each location ( say 1 for very low and to 10 for very high) according to its merits on each factor .
  4. Compute the product of ratings multiplying the factor rating by the location rating for each factor.
  5. Compute the sum of the product of ratings for each location.

Decision: Select the location alternative which has the maximum sum of the product ratings as the choice.


Related Discussions:- Location models or methods

Project approches, Describe your approach to tracking a project?

Describe your approach to tracking a project?

Process of diagnosing the system, Question 1: What are the steps involv...

Question 1: What are the steps involved in the process of diagnosing the system? Steps involved in the process of diagnosing the system. Question 2: What are the maj

Performance measurement - elements of tqm, Performance measurement: Pe...

Performance measurement: Performance measurement needs to be based upontimely measures of, and feedback on, performance. It provides information ontoday's service and gives an

Modification of supply - aggregate planning, Modification of Supply - Aggre...

Modification of Supply - Aggregate Planning Some of the methods by which we can modify the supply to match the demand are: a.Hiring and Lay off of Employees: As this poli

Benefits and caveats, (a) What are the benefits and caveats of adopting a ...

(a) What are the benefits and caveats of adopting a standard methodology (such as PRINCE2) for the management of an organization's projects? (b) How might the size of an organi

Explain about the work breakdown structure, Explain about the work breakdow...

Explain about the work breakdown structure. Work breakdown structure (WBS): The concept of work breakdown structure (WBS) is to assist plan effectively for a project by b

Explain what is public-private-partnership, Question : (a) Explain wha...

Question : (a) Explain what is public-private-partnership (PPP)? (b) What are the benefits of public-private-partnership? (c) Explain the different forms PPP arrangeme

Feasibility study for the exploitation of the oil reserves, Question: I...

Question: In the year 2015, the price of petrol has gone up so much that the oil reserves of the Republic of Mauritius start to look interesting to exploit. The oil reserves ar

System and simulation specifications, Input Data Collection The input d...

Input Data Collection The input data for the model was collected accurately to be as close as possible to a typical emergency room. We expected that the number of patients comi

Initial project plan, o Does the project plan clearly identify a set of fun...

o Does the project plan clearly identify a set of functional increments leading to project completion? o Is the sequence of objectives consistent with both the risk priority and

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd