Rating based weighting

Rating based weighting is a very straight forward weighting method. Let's show an example of using this tool.

Click the "Rating based" box from the start screen of the Pros and Cons modeling tool, and then click the button "Add new option".

pros-and-cons-start-page

You will see the following screen.

rating-based-start

As you can see, it is as simple as adding some Pros and Cons in the respective list. Say, you are thinking, if you should go for a vacation. You can list some pros and cons as shown below.

pros-cons-list

Once you use a '?' mark in your option name, the software will realize that it is a single option problem, called "Dilemma". So, it will answer "Yes" if the Pros weight is higher than cons weight. Otherwise, it will answer "No". Here is the complete view of the software, with the result section.

complete-view

Uncertainty

You can change the weight of each pro and con as you see the number box beside each item. A smiley face indicator smiles more if the rating is high. It shows a sad look if the rating is low. There is a checkbox under the "Uncertain" column. You can check that box to indicate if the pro or con is uncertain. For example, in the Con section, the Risk of accidents is uncertainty. It is not that every time you go for a vacation, you encounter an accident. So, check the uncertain checkbox.

Once you check an item as Uncertain, you will see a new box appears that takes the probability value for the uncertainty. Then, based on that probability, the expected value is calculated.

Here is a new view after setting some ratings.

view-after-setting-rating

Analyzing Results

In the result section, you can clearly see that Expected Utility for an option is calculated and displayed in a chart. If you add multiple options, you will see a chart for all of the options. A recommendation section is shown that simply checks if the pros weight is higher or not. Which option has better value etc? Then, it recommends the best optimum option.

The result-panel with the carousel gives 2 charts. Expected Utility Chart and Benefit to Cost ratio chart.

result-panel-with-bcr

You will see a carousel of charts. One for Expected utility and another for the Benefit to Cost Ratio.

Last updated on May 28, 2020