In the procurement management; the term " Weighted Criteria" was mentioned but without enough details to get a full understanding. Where can I find a good explanation for that term? Saving Changes...
I'm assuming this is in relation to evaluation techniques for vendor bids?
If so, then an example would be if we wanted to buy a software application from a vendor, we could decide to use the following criteria: fit with the requirements, price and past experience with the vendor. We could weigh the first criterion as being twice as important as the other two. Then when we get the proposals from the vendors, we'd evaluate and score them against these criteria and come up with a weighted score for each to enable us to pick a vendor.
Kiron
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2 replies by Karan Shah and Mahmoud Afifi
Mar 12, 2018 8:36 AM
Mahmoud Afifi
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Thanks a lot. That is very clear now.
Mar 12, 2018 11:33 PM
Karan Shah
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When we were hunting for a new flat, my wife (another PM) and I created a set of weights that allowed us to rank the possibilities.
We weighed factors such as total outlay, proximity to work, proximity to the airport, condition of property, proximity of amenities, ease of approach, and so on.
It allowed us to shortlist our top 5 choices and we then used subjective criteria to complete our selection from those.
I'm assuming this is in relation to evaluation techniques for vendor bids?
If so, then an example would be if we wanted to buy a software application from a vendor, we could decide to use the following criteria: fit with the requirements, price and past experience with the vendor. We could weigh the first criterion as being twice as important as the other two. Then when we get the proposals from the vendors, we'd evaluate and score them against these criteria and come up with a weighted score for each to enable us to pick a vendor.
Kiron
Thanks a lot. That is very clear now. Saving Changes...
The purpose of scoring an RFP through Weighted Criteria is to identify the vendor which closely matches the buyer's requirements.
Kiron has given an excellent explanation to pick the right vendor. Saving Changes...
Also consider you may need to get approval for the weighted criteria outside the project team. For example when the organization's procurement department mandate it or a major stakeholder has their own views on criteria. And make sure all bidders are aware of the criteria so it's a fair game. I've seen criteria slightly change post RFP but before entries came in, and let's just say not all vendors were notified. Saving Changes...
I'm assuming this is in relation to evaluation techniques for vendor bids?
If so, then an example would be if we wanted to buy a software application from a vendor, we could decide to use the following criteria: fit with the requirements, price and past experience with the vendor. We could weigh the first criterion as being twice as important as the other two. Then when we get the proposals from the vendors, we'd evaluate and score them against these criteria and come up with a weighted score for each to enable us to pick a vendor.
Kiron
When we were hunting for a new flat, my wife (another PM) and I created a set of weights that allowed us to rank the possibilities.
We weighed factors such as total outlay, proximity to work, proximity to the airport, condition of property, proximity of amenities, ease of approach, and so on.
It allowed us to shortlist our top 5 choices and we then used subjective criteria to complete our selection from those.
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2 replies by Muthukrishnan Ramakrishnan and Sante Delle-Vergini, PhD
Mar 12, 2018 11:36 PM
Sante Delle-Vergini, PhD
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That's a good application for it Karan. Was the subjective criteria also weighted? ;-)
When we were hunting for a new flat, my wife (another PM) and I created a set of weights that allowed us to rank the possibilities.
We weighed factors such as total outlay, proximity to work, proximity to the airport, condition of property, proximity of amenities, ease of approach, and so on.
It allowed us to shortlist our top 5 choices and we then used subjective criteria to complete our selection from those.
That's a good application for it Karan. Was the subjective criteria also weighted? ;-)
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1 reply by Karan Shah
Mar 13, 2018 3:15 AM
Karan Shah
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Unfortunately, no, Sante.
It was wholly subjective without any rationale. One thing that helped is that our top 5 scored similarly on all parameters.
When we were hunting for a new flat, my wife (another PM) and I created a set of weights that allowed us to rank the possibilities.
We weighed factors such as total outlay, proximity to work, proximity to the airport, condition of property, proximity of amenities, ease of approach, and so on.
It allowed us to shortlist our top 5 choices and we then used subjective criteria to complete our selection from those.
