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

What are necessary features of the earned value management, What are the ne...

What are the necessary features of the Earned Value Management? Necessary features of EVM systems: a. A quantified project plan which identifies work or activities to be

How to measures customer satisfaction for the product, Quality ultimately i...

Quality ultimately is calculated in terms of customer satisfaction.) Surveyed before product delivery and after product delivery (and on-going on a periodic basis, using standar

Cause-orientated organisations, Non-political, not-for-profit, cause-orient...

Non-political, not-for-profit, cause-orientated organisations drawn from more than one country are known as  Non-governmental organisations (NGOs).

Six sigma, doing research for six sigma

doing research for six sigma

Establishment of a quality improvement system, Question: (a) "TQM requi...

Question: (a) "TQM requires the whole organization to adopt the culture of quality. In a TQM organization quality will dictate the decisions, tasks and processes." In the lig

What are the major characteristics of a project, Question : (a) Organi...

Question : (a) Organizations and individuals have studied a number of projects that have both succeeded and failed and some common factors emerge. Can you give some reasons fo

Management, Discuss management in Project Management

Discuss management in Project Management

Project risk manager , Project risk manager  As the project manager man...

Project risk manager  As the project manager manages the project, the project risk manager manages the project risks in the similar way. The responsibilities of project risk ma

Different stages in the negotiation process, In the face of rising costs, t...

In the face of rising costs, the senior management in PT Company has decided that significant cuts will be needed in the budgets of some of its departments. The promotional budget

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