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comes into the picture at the right measure.

Give weightage to each factor based on to what extent it is important to you on a 3-point scale:

* Most important for you - 3

* Moderately important to you - 2

* Least important to you - 1.

(Note: For the sake of simplicity, only a 3 point scale is suggested above. If you want, you can spread it wider like this: Least important -1, a little important -2, fairly important - 3, very important - 4, extremely important - 5. This will help you to make your decision still finer. However in this example, only a 3-point weightage is given as below).

(6) Allocate weightage: Let's say,

(A) Location: Most important for you: 3

(B) Salary level: Very much important for you: 3

(C) Growth prospects: Most Important for you: 3

(D) Matching of Qualification/ experience: Least important for you: 1

(E) Designation: Somewhat important for you: 2

(F) Traveling: You don't like frequent traveling: 1

(G) Perks: Not too important: 2

(H) Convenient working hours: Very important for you: 3

(7) Now multiply your previously allocated points with the above weightage points:

Option: 1 - Existing job

(A) = 5x3 = 15, (B) = 3x3 = 9, (C) = 4x3 = 12, (D) = 2x1=2, (E) = 5x2 = 10 (F) = 1x1 = 1, (G) = 2x2 = 4, (H) = 2x3 = 6

Option: 2 - New Job

(A) = 2x3 = 6, (B) = 5x3 = 15, (C) = 2x3 = 6, (D) = 2x1=2, (E) = 5x2 = 10(F) = 3x1 = 3, (G) = 2x2 = 4, (H) = 3x3 = 9

(8) Now calculate the Weighted Average:

For Option: 1 - Existing Job: (15+9+12+2+10+1+4+6) / (8x5x3) = 59/120 = 49.1%

For Option: 2 - New Job: (6+15+6+2+10+3+4+9) / (8x5x3) = 55/120 = 45.8%

(9) Take the decision: Using the weighted average method, you now find that Option: 1, namely, continuing with your existing job is the better option.

What if you get the same percentage or a very narrow difference even after this exercise?

You can do the following:

* Add a greater number of influencing factors. In our example, you can add: (I) Cost of living (J) Opinion of the spouse about the new job/ location (H) Reputation of the organization, (K) Scope of responsibility/ tension involved in the job, etc.

* Increase the 5 point scale to, say, a 10 point scale, fine-tune the points and reallocate them for each factor.

* Increase the weightage factor from 3 to 5 (as already discussed above) and fine-tune the weightage points.

It must be remembered that no foolproof decision making can ever be done simply based on available facts. No purely logical and objective decision can ever be made without some influence of emotions and subjectivity. Weighted average method can at the best help you in fine-tuning your decision making process and it will be at times quite useful in justifying a decision you made!

Learn more about this author, C.V.Rajan.
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