How to Make a Decision Using a Quantitative Scoring System
Write three questions you’re trying to decide., Write up five or six "must-have qualities"., Rate the importance of each of these qualities on a scale of 1 to 10 in terms of how important each is to you., List your options., Rate each option on a...
Step-by-Step Guide
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Step 1: Write three questions you’re trying to decide.
Our example will be "Which mortgage professional should I choose?" -
Step 2: Write up five or six "must-have qualities".
For example:
Integrity (What he/she says is consistent with what he/she does), Professional Knowledge and Expertise (Makes Recommendations consistent with what I value), Quality of Communication (Helps me understand quickly), Accessibility (I can reach them when I need them), Competitive Pricing (Rates and Costs are amongst the best in the marketplace), and Reliability of recommendations (Shows me that live market data is consistent with recommendations so I can make a timely decision to choose them). , (If reliability is far more important than anything, it gets a 10, if Competitive Pricing is the second most important but really not nearly as important as reliability you might give it a 5 or 6, and so on.) , (Bank Loan Officer, Realtor Referred, my current Loan Broker, etc.). , (If your current Loan Broker rates are good with you, give them an 8, but if you think they are average, give them a
5.) This is a subjective scale, so it’s up to you to score it as honestly as possible to make the best decision by the end of this process. , (For example, your Loan Broker scores 56 in Integrity: 8 x 7 ). , Compute a separate score for each option. ,, The option with the highest score (compared to your target) is your best choice. -
Step 3: Rate the importance of each of these qualities on a scale of 1 to 10 in terms of how important each is to you.
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Step 4: List your options.
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Step 5: Rate each option on a scale of 1 to 10 for each quality you put down for that option.
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Step 6: Compute scores for each option by multiplying the quality score you gave your option with your target quality score
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Step 7: the one you created in Step 3.
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Step 8: Sum up the scores for each quality for a total score for that option.
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Step 9: Decide on a target score.
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Step 10: Divide each option’s total score by your target score and multiply by 100 to get a percentage score.
Detailed Guide
Our example will be "Which mortgage professional should I choose?"
For example:
Integrity (What he/she says is consistent with what he/she does), Professional Knowledge and Expertise (Makes Recommendations consistent with what I value), Quality of Communication (Helps me understand quickly), Accessibility (I can reach them when I need them), Competitive Pricing (Rates and Costs are amongst the best in the marketplace), and Reliability of recommendations (Shows me that live market data is consistent with recommendations so I can make a timely decision to choose them). , (If reliability is far more important than anything, it gets a 10, if Competitive Pricing is the second most important but really not nearly as important as reliability you might give it a 5 or 6, and so on.) , (Bank Loan Officer, Realtor Referred, my current Loan Broker, etc.). , (If your current Loan Broker rates are good with you, give them an 8, but if you think they are average, give them a
5.) This is a subjective scale, so it’s up to you to score it as honestly as possible to make the best decision by the end of this process. , (For example, your Loan Broker scores 56 in Integrity: 8 x 7 ). , Compute a separate score for each option. ,, The option with the highest score (compared to your target) is your best choice.
About the Author
Richard Lopez
Specializes in breaking down complex creative arts topics into simple steps.
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