Total Score Calculation

The Total Score Calculation feature in COSMO Vendor Rating offers flexibility and precision in vendor rating, enabling organizations to tailor the evaluation process to their strategic goals and operational standards. It is designed to support decision-making processes by providing two different methods to aggregate scores from hard criteria via the Total Score Calculation Type field in the Vendor Rating Setup page:

Multiplicative: provides a more compounded effect of criteria scores.
Weighted Average: provides a balanced approach based on relative importance. This is the default setting.

Each method offers a unique approach to weighting and calculating the total score of vendor rating entries, thus accommodating diverse evaluation needs and preferences.

Multiplicative

The Multiplicative option provides a method where no arithmetic mean is used; instead, it multiplies the points scored in each criterion to calculate the total score.

Weighted Average

The Weighted Average option calculates the total score by using a set of predefined weighting factors, which reflect the relative importance of each criterion. This method is also known as a weighted mean.

Total Score Calculation Weight Criteria

When the Weighted Average option is chosen in the Total Score Calculation Type field in the Vendor Rating Setup page, fields for different criteria become available. Each criterion can be assigned a different weight according to its significance in the overall evaluation process:

Appointed Time Weighting Factor: Specifies how much weighting the appointed time score has against the other weighting scores.
Quality Weighting Factor: Specifies how much weighting the quality score has against the other weighting scores.
Return Weighting Factor: Specifies how much weighting the return score has against the other weighting scores.
Quantity Weighting Factor: Specifies how much weighting the quantity score has against the other weighting scores.

Calculation Formula

The total score is computed by multiplying each criterion's score by its corresponding weight and then summing these values. The result is then divided by the sum of the weights.

+ Appointed Time Score * Appointed Time Weighting Factor / Sum(All Weighting Factors)

+ Quality Score * Quality Weighting Factor / Sum(All Weighting Factors)

+ Quantity Score * Quantity Weighting Factor / Sum(All Weighting Factors)

+ Return Score * Return Weighting Factor / Sum(All Weighting Factors)

= Total Score of Vendor Rating Entry

Impact of Weights

With the Weighted Average method, the weights play a crucial role in the total score:

Uniform Weights: If all criteria weights are set to 1.00, the weighted average simplifies to a regular arithmetic mean.
Adjusting Weights: Increasing the weight of a criterion makes it more significant in the total score calculation. Conversely, decreasing the weight reduces its impact.