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Weighted ranking to recommend viable solution

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Posts: 83
Joined: Thu Feb 11, 2016 11:05 am

Weighted ranking to recommend viable solution

Wed Mar 02, 2016 11:45 am

Need in detail explanation on the weighted ranking concept
Thanks & Regards,
Sowmya Geddada
Business Analyst(PMI-PBA)
Posts: 2646
Joined: Fri Jul 11, 2014 11:57 am

Re: Weighted ranking to recommend viable solution

Wed Mar 02, 2016 4:19 pm

First lets explore use of weighted Ranking: It is used to help in selecting a most viable options out of many alternatives. And the basis of selection is the relative importance of the options.
I am explaining the example of Business Analysis Practice Guide, given on page number 33:
We need to select one option from:
1. XYZ software package
2. Develop smartphone interface in-house
3. Outsource Interface
Steps to select best option are:
•The first step is to identify criteria of selection. In business Analysis Practice Guide, following criteria are identified for all options:
1. Increase Revenue
2. Decrease Claims
3. Ease of Implementations
• Now the next step is to assign weight to each criteria. Stakeholders are involved in assigning weight.
In this example 0.3 is assigned to increase revenue, 0.4 is assigned to decrease claims, and 0.2 is assigned to Ease of Implementation. Cost of options is also a criteria and weight is assigned 0.1
• Stakeholders are assigned votes and they evaluate each pair of option for each criteria at a time and then apply their votes in accordance with agreed voting method. For example XYZ software package and Develop smartphone interface in-house is evaluated for the Increase revenue criteria at a time.
• Stakeholders vote is multiplied by the number of votes with the weighted criteria.
• Final rank is identified on the basis of total votes.
. Table become as following
WRM.png (15.34 KiB) Viewed 3570 times
Picture Source : Business Analysis Practice Guide: Page Number: 33

Weighted Ranking Matrix combines pair wise matching with weighted criteria.

I hope this will help you to understand.

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