Project Management

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.
  • What are some of the advantages and disadvantages of this method of product selection?.
 
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