What are critical success factors and how can they be weighted and scored?

Critical success factors are the essential areas of activity that must be performed well if you are to achieve the mission, objectives or goals for your business or project. They can be weighted and scored by first identifying what these factors are for your specific business or project. Once identified, each factor can be assigned a weight based on its importance to the success of the business or project. The performance or achievement of each factor can then be scored, often on a scale of 1-10, with 10 being the highest. The score is then multiplied by the weight to give a weighted score. The weighted scores of all the critical success factors can then be added up to give a total score which can be used to assess the overall performance or potential success of the business or project.

Question was asked on:

You can also use data from customer surveys to create a perceived value comparison table, which lists critical success factors that can be weighted and scored according to your company's most important components. These scores can then be compared against a "booster option" to include a little kick to each critical success factor. For example, a limited-time sale can temporarily boost the value perceived by customers, which would rank your pricing score higher. This functionality helps assess where boosters can improve your overall value. (Slide 25)

Asked on the following presentation:

Value Proposition (Part 2)

How do you communicate your value to customers? Use this presentation template to create your own Value Proposition Canvas and dive into the most impo...

file_save

Download free weekly presentations