Weighted_Scoring_Flashcards
What is a Weighted Scoring Model?
A decision-making tool that evaluates and prioritizes alternatives based on weighted criteria.
What is the purpose of a Weighted Scoring Model?
To objectively compare options by assigning scores and weights to relevant factors.
What is a common use case for a Weighted Scoring Model?
Selecting the best system development solution for a business.
What are the key components of a Weighted Scoring Model?
Defining criteria, assigning weights, scoring alternatives, and calculating weighted scores.
What is the first step in a Weighted Scoring Model?
Defining evaluation criteria.
What are some example criteria for evaluation?
Cost, implementation time, scalability, customization options, vendor support, security.
What is the second step in a Weighted Scoring Model?
Assigning weights to each criterion based on importance.
What is the third step in a Weighted Scoring Model?
Scoring each alternative based on the defined criteria.
What is the fourth step in a Weighted Scoring Model?
Calculating weighted scores by multiplying scores by their respective weights.
What is the formula for calculating a weighted score?
Weighted Score = Score × Weight.
What is an example of a weighted score calculation?
If cost is weighted 30% and an alternative scores 3, then its weighted score is 3 × 30% = 0.9.
What was the business problem in the example scenario?
The organization needed a new system to manage customer relationships.
What were the four system options in the example scenario?
Packaged Software (e.g., Salesforce), Customizable Open Source (e.g., Odoo), Cloud Solution (e.g., Microsoft Dynamics 365), In-House Development.
What was the task in the example scenario?
Evaluate system options using a weighted scoring model.
