Evaluation & ranking based on multiple numerical values - THEORY question

[mzza]

Hi,

apologies this is a little vague, but I have been tasked with creating a matrix in Excel which will be used to rank and prioritise a list of potential projects. Each project will have a number of attributes which will be independently assigned a numerical score. The intention is to apply formulae to these scores to come up with an 'objective' priority order for said projects. Some attributes will have greater weight than others.

1) should this be as simple as applying different scales (e.g. 1 to 3 vs 1 to 10) for different attributes? Or would it make more sense to give every attribute the same scale (1 to 5 say) and then apply a multiplier based on its intended relative weight? What are the pros and cons of each method?
2) I guess more broadly, has anyone approached a similar problem and have some advice/tips/examples?
3) broader still, I tried to research the theory behind this problem in order to make my own call, but my google-fu has failed me (I'm not sure how to phrase the question). Any articles/theory anyone could point me towards would be very appreciated.

TIA

 

[jmacleary]

To answer points 2 and 3. I think what you want is some form of Decision Matrix. If you google 'applying weightings to evaluation criteria' you will get a decent set of hits on relevant material.

I found this via that method: free decision matrix

 

[mzza]

Brilliant, thank you!

 

[jmacleary]

You're welcome and thanks for the feedback.