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

Disadvantages of product layout - inflexibility, Disadvantages of Product L...

Disadvantages of Product Layout - Inflexibility Inflexibility is a drawback of this type of layout. The equipment laid out is designed to perform specific operations. No machi

Benefits of having a clear mission for pv company, T has recently been appo...

T has recently been appointed as the new Chief Executive of PV Company which manufactures cosmetics and toiletries. She has spent the first three months meeting with her senior man

PMJ535, Scope Management and Health Checks

Scope Management and Health Checks

Explain briefly the key characteristics of a good project, Question 1: ...

Question 1: i) How would you define a project? What are the different types of project that exist (please explain using a model with examples) ii) Enumerate and explain bri

Phases of value engineering process, P hases of value engineering process ...

P hases of value engineering process I nvestigation phase: This phase investigates the background information, the technical input reports, the field data, the functiona

What is productivity, What is productivity? Productivity: Product...

What is productivity? Productivity: Productivity may be described as the ratio between input and output. Output implies the amount produced or the number of items produce

How do i get my project organized, Q. How do I get my project organized? ...

Q. How do I get my project organized? Every project that involves surplus to one person requires a project team to get the work done. With no doubt building a motivated project

Advantages of iso standards, ISO standards give tremendous advantages to ...

ISO standards give tremendous advantages to those holding their certification. Some of these advantages are briefly discussed below for different categories of groups ins

Risk management in the tqm framework, Risk Management  in the TQM Framewor...

Risk Management  in the TQM Framework   Total  Quality Management (TQM) is one of the widely used project management technique or approach. TQM mainly concentrates on process m

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