Whether using it for a particular project or as a standard in your business, the weighted scoring chart can be a game changer. For this document to work and generate precise weighted scoring results, the document must be carefully crafted.

It is one of the most used tools during the decision-making process. Using the proper scoring criteria reveals what tasks have more relative importance, helping to allocate resources to the parts of the project that really need them.

In this article, we will show you what weighted scoring models are and how to create a template for your business. Follow each step carefully to understand which criteria fit your weighted score and generate a positive impact on your business.

You can think of the weighted scoring model as a project management tool that helps you prioritize project actions and features based on a weight assigned to each of these decisions. It can be applied to almost any part of a project, and you can attach multiple criteria to the same item so the final scores genuinely reflect the best decision.

You will also see lots of companies using the weighted scoring model, especially when dealing with the life cycle of a product and the decisions that this phase involves. Through numerical scoring, project managers can decide what features and actions will be better for the project and the company in general.

There are numerous reasons why every business should try the weight-scoring model in the decision-making process. As previously mentioned, the template helps prioritize project actions and features that matter the most for the project conclusion.

Moreover, it is a versatile tool that can be used inside the project and deciding actions regarding the entire company. You can assign values to details like partnerships and new suppliers and make the smartest decision based on their weight values and final score.

Prioritizing tasks is just one of the features you will find in the weighted scoring model. Everything can be adapted to specific criteria.

Now that you know what a weighted scoring model is and why it can be a great tool, regardless of your business type, it is time to see how to create your own scoring model template. These steps regard any business model and might need slight changes depending on your product features and the various criteria you choose.

Here are the essential steps for effective weighted scores:

The first part of your weighted scoring model is the list of all the options you are considering incorporating into your project. Everything from software acquisition to product features should be listed in the first part of your WSM.

There is no specific order for this part of the template, but we highly recommend that you list similar items next to each other. This way, your document will look more organized, making it easier to find a specific item and information like its numerical score.

You don’t need to describe each item, but if you consider a brief note next to the item is necessary, you can add it. If a long description is needed, create a field dedicated to it.

After listing the items of your project management tool, you must select the criteria used to calculate the overall score. You should choose an evaluation method that applies to all items since everything will be evaluated by the same criteria.

These evaluation points must also be calculated in a numerical value. Items that are answered with yes or no don’t fit in this type of documentation.

It is recommended that your template features at least three criteria. Some of the most important factors considered when evaluating the items are:

• Cost

• Time Categories

• ROI

• Impact

• Risk

• Effort Required

Items like ROI and Cost should always be featured regardless of the type of project you are idealizing. These benefit and cost categories impact the entire company and should be considered before making decisions.

After choosing the evaluation points of your weighted scoring model, you must assign a value of importance to each one of these items. Multiple items can have the same importance but make sure to choose values that truly reflect the impact they will have on the overall project structure and the company itself.

Your total value when calculating the WSM must be equal to 10. When scoring criteria, the sum of these values should also be equal to this number.

One example of criteria values is:

• Risk of Investment (20%)

• Pricing (40%)

• Viability (30%)

• Time (10%)

Now that you have all the information necessary, it is time to calculate the individual scores of each item. Calculate each criteria and note the total score in the last field of the item. This way, the product teams can evaluate the weighted score and see if an item is worth spending resources, time, and effort on. It is also a good practice to double-check all the mathematics involved or use automated software, like Excel, to do the job.

After calculating every item on your chart, you will be able to tell the highest weighted score between them. This item is considered the best investment considering all the criteria chosen and their impact on the decision matrix.

After the analysis, the product managers can choose which items will continue on the project and which ones will be discarded. Remember that sometimes the criteria present in the weighted scoring model might not be all that matters. All aspects of the company must be considered after a final decision.

After evaluating everything and making the final decision, you can create a presentation or make an informal meeting to communicate the results and data gathered from the document. Parties directly affected by the decision, like the CEO and stakeholders, can have vital feedback on how to proceed after each decision.

Make sure that your template is optimized and clear for a better presentation. The better your document looks, the easier it will be to understand what each piece of information means and how they impact the overall development of the project.

When it comes to the creation of weighted scoring models, tons of tools are available. From known software to specialized programs, each one has its own features and tool sets.

Among all the options available, we highly recommend using Microsoft Excel. MS Excel has one of the most complete tool sets available, with features that allow you to create the perfect weighted score for your projects. Moreover, the software is an industry standard, dismissing the need for specialized software.

If you don’t have a Microsoft Office activation key, you can find Microsoft Office 2021 Professional Plus Key Retail Global at RoyalCDKeys for a considerably lower price. This way, you save money and still have access to all features.

If you don’t want to create your template from scratch, don’t worry. We got you covered.

Here are some templates you can download and edit to better fit your needs. Choose a template that truly reflects your objectives and can positively impact your business.

Here are some examples:

Complete scoring criteria template. The document is indicated for any kind of business looking for a weighted scoring model.

Get this template

Simplified project-weighted scoring model. Simplified template featuring the basic information necessary to complete the document.

Get this template

Multiple project weight scoring template. The document is indicated for comparing numerous items and criteria at the same time.

Get this template

Weighted scoring models are incredibly powerful tools when it comes to the project management process. For the document to work, it must be carefully crafted and calculated.

Following each step will guarantee final scores that reflect what your business needs and what items can lead you to the desired results.

Now that you know everything you need, it is time to start creating your own weighted scoring model template. With easy steps, this powerful tool fits any business and can become a game changer for you and your team when idealizing any kind of project.