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Develop Effective Evaluation Criteria / Guiding Principles
First and foremost, you must develop effective
idea evaluation criteria.
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Brainstorm
a broad list of criteria by which you wish to evaluate innovative ideas or
any proposed new course of action for your business. Your corporate
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vision,
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competitive strategies
and
guiding principles will help you
streamline this brainstorming session. Having generated a lot of criteria,
select 20 most important ones. Then narrow this list down to 5 or 10 by
combining sister criteria or deleting weaker ones.
Weights and Idea Table
By assigning a weight to each criterion, a
merit table for each idea can be constructed, evaluating each idea against
each criterion, and multiplying weights by scores. Ideas are thus
prioritized according to the merit table obtained.
Define the Evaluation
Process
Having finalized the list of criteria, weight
them according to their importance to your business. To evaluate an idea, rate how well it meets
each criterion. The highest rating of 10 would indicate the idea perfectly
meets that criterion. A rating of 0 would indicate the idea does not meet
that criterion in any way whatsoever.
The following formula is used to calculate the
total idea rating:
Sum of weighted ratings /
Highest possible total score × 100%
Generally, scores of 80% or higher indicate the
idea is very valuable and worth taking further.
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