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What are factor-rating systems?
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How would your organization incorporate a factor-rating system?
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What are factor-rating systems?
Factor rating systems are used for selecting projects, selection of employees, evaluation of performance and several other uses. These systems are used to assess quantitative as well as qualitative factors and give a quantitative evaluative score.
The factor rating system consists of first generating factors that are to be considered in the selection or evaluation process. The second step is to allocate a weight to each factor in accordance to its importance. The next step is to choose a rating scale. Commonly a rating scale of 5 or 10 is selected. The fourth step is to rate the performance, project or …
