What is a Scorecard?
For example, your criteria could be ‘user experience’, ‘increase revenue’ or ‘cost to implement’, etc.
What is a Weighted Scorecard?
Rather than each criteria contributing the same amount to the final prioritisation score, we add different weights to each criteria based on what is more or less important to us.
For example, we may value having a great user experience more than increasing revenue.
How to create a Weighted Scorecard
STEP 2: Add weights to each criteria. Weights work based on a percentage and should add up to 100%.
For example, if you had 4 attributes and wanted them to be weighed equally, you would have 4x 25% weights. The higher percentage, the more that score will contribute to the final score.
STEP 3: Determine your scale and score each idea/opportunity. My preference is a scale of 1-5
Advanced Weighted Scorecards
You can make your weighted scorecard more advance by creating groups of weights. A simple example of this is splitting your criteria into two groups of value vs effort:
How to use an AdvancedWeighted Scorecard
1) The first is with weights. Rather than all your weights adding up to 100%, each category (value/effort) should add up to 100% each.
(ValueCriteria_1 + ValueCriteria_2 + ValueCriteria_3) = Final Value Score
(ValueCriteria_1 + ValueCriteria_2 + ValueCriteria_3) = Final Cost Score
Final Cost Score ÷ Final Cost Score = Final Score
*Sheet 2 in the Weighted Scorecard Template has an template for an Advanced Scorecard.