Products Ranking Exercise

Products Ranking Exercise

1. Identify a project that you are planning to pursue either at home or at work. List all of the components, decision points, and chance events. What is the measure of success for the project? Assuming that there is more than one measure, how can you reconcile them?
2. What experiences have you had with group decision making? What difficulties do you see arising when trying to perform a multiple-criteria analysis with many interested parties involved? How might these difficulties be overcome, or at least mitigated?

2)Activity I: Three new-product ideas have been suggested. These ideas have been rated as shown in the Table below

Product*

Criteria

A

B

C

Weight (%)

Development cost

P

F

VG

10

Sales prospects

VG

E

G

15

Producibility

P

F

G

10

Competitive advantage

E

VG

F

15

Technical risk

P

F

VG

20

Patent protection

F

F

VG

10

Compatibility with strategy

VG

F

F

20

  

100

* P = poor, F = fair, G = good, VG = very good, E = excellent 

1. Using an equal point spread for all five ratings (i.e., P = 1 ,  F = 2 ,  G = 3 ,  VG = 4 ,  E = 5 P=1, F=2, G=3, VG=4, E=5), determine a weighted score for each product idea. What is the ranking of the three products?
2. Rank the criteria, compute the rank-sum weights, and determine the score for each alternative. Do the same using the rank reciprocal weights.
3. What are some of the advantages and disadvantages of this method of product selection?.

Activity II: Using MAUT and the AHP, perform an analysis to select a graduate program. Explain your assumptions and indicate which technique you believe is most appropriate for this application.