Ranking of Potential New Products in Excel (Management Consulting Projects)

Description
Ranking of Potential New Products in Excel (Management Consulting Projects)
During consulting projects, you will have to take into account many criteria to make the optimal solutions. You will have to deal with complex issues, analyze them and present them in an easy, digestible way to your customers. One of the most useful tools that will help you achieve that is a ranking. It can turn complex reality into one metric that can be easily understood.
In this tool, I will show you how you can rank potential products that a firm is considering.
The tool will help you to rank the potential products from the best to the worst. This is the starting point of a lot of discussions, especially around topics like:
1. Which products are the most attractive ones?
2. What is the potential revenue, profit markets they can generate?
3. Which potential products should be considered as the highest priority given their attractiveness and potential profits?
The analysis is done for producers of milk considering opening stores in other countries.
A few words about the ranking.
1. Input Data. The data about the products should be put in the sheet “Ranking”. In the column from “F” to “K” we have different data on every country; for example, is the product consistent with the current brand, does it require the same distribution, etc. We have 5 criteria. For those 5 criteria points are awarded in columns from “L” to “P”. Afterward, in row 7 you define the weights for every criterion. Based on that in column “R” the tool calculates the average weighted score for every employee. In column “K” we have the potential size of the sales.
2. Rules for awarding points in the ranking. In the sheet “rules” we define how many points we award for every criterion depending on the answer given for a specific product. That information are used to award points in the sheet “Ranking”