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

Customer value - measure for project management value, C ustomer value ...

C ustomer value There is a considerable debate within the business world on whether the companies will have to deliver value for the shareholders or the customers. There are m

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

Project management functions, Project Management Functions Let us now d...

Project Management Functions Let us now discuss the project management functions. Project management process consists of five core functions to utilise resources to accomplish

Traditional definitions of quality, T raditional definitions of Quality ...

T raditional definitions of Quality There are various definitions of quality. According to quality pioneer Joseph M. Juran quality has two meanings that are very important for

Life cycle architecture, Submit all required artefacts necessary to achieve...

Submit all required artefacts necessary to achieve the ‘Life Cycle Architecture Milestone' (LCAM). The most important artefact of the LCAM is the ‘executable architecture' or ‘proo

Quantitative Methods, A2. Unfortunately, the Capital Investment Committee r...

A2. Unfortunately, the Capital Investment Committee refused to approve your recommendation (Problem 1) since you did not consider the uncertainty inherent in these types of investm

Aspects to good project management, Q. Is that all there is to project mana...

Q. Is that all there is to project management? A. That is by no way all. There are several aspects to good project management that require attention. In summary these perhaps

Pmp exam, What is the best way to learn ITTOS?

What is the best way to learn ITTOS?

Principles of success for the project manager, Principles of Success for th...

Principles of Success for the Project Manager Project  managers  always  hire  the  best  people  available  and  then  do whatever it takes to keep the project up and running.

Contract process cycle , Contract process cycle  Contract process goes ...

Contract process cycle  Contract process goes through the following stages to complete the contract documentation cycle:    Pre tender documentation stage.    Approval

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