4.++Identify+and+rank+criteria

= 4. Identify and rank criteria =

1. Press edit above 2. Move your cursor below your name (scroll down) - only work in the area under your name 3. Use Ms Stevenson's exemplar as an example

**Miss Stevenson's exemplar:** My economic problem: Grandma has $1000 to spend on a pedigree dog to provide companionship, exercise and security
 * || ** Name ** || ** Weight ** || ** Reasons for ranking ** ||
 * ** Highest Rank Criterion ** || Companionship || 5 || ﻿ ﻿ Companionship is the most important criteria as Grandma lives by herself. The primary reason for getting a dog is to have an animal in the house. ||
 * ** Medium Rank Criterion ** || Security || 4 || Security is important as she is going deaf and needs to be alerted if anyone is around ||
 * ** Medium Rank Criterion ** || Exercise || 3 || Grandma is fit and healthy and would like to remain that way. However, she only likes to walk for 30 minutes a day. (Note that in this case Grandma considers security and exercise as similar in terms of ranking. ||
 * ** Medium Rank Criterion ** || Shedding || 2 || Grandma does not want a dog that sheds hair. Although she does have a cleaner so this is not a highly ranked criteria ||
 * ** Lowest Rank Criterion ** || Ongoing costs || 1 || Grandma is on a pension, and needs to consider ongoing costs associated with the dog. This is a lower ranked criterion as her children have volunteered to pay for any costs ||

Note you should pick solutions of a similar cost. Note that the weighting of criteria will be different for different people


 * Tom B**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Interest rates || 4 || As a uni student with a limited income i need a card with lower interest rates ||
 * **Medium Rank Criterion** || Annual fee || 3 || I obviously need a smaller annual fee due to my income. ||
 * **Medium Rank Criterion** || Interest free days || 2 || I need more interest free days in order to pay off debt due to my limited income ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** || accessibilty || 1 || The card needs to be widely accepted so it can be used to suit my needs ||


 * Harry B**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Effect on Tax || 5 || The effect the property has on my tax is very important because the act of lowering my income tax is the main aim of the process. ||
 * **Medium Rank Criterion** || Cost || 4 || The cost is very important. I have already saved only $500,000 and i will not be able to borrow more than about $1,500,000 from the bank. Houses over $2,000,000 are too expensive ||
 * **Medium Rank Criterion** || Resale || 3 || This is very important because after about 10-20 years i will re-sell the house I have purchased. By then the house will have increased in price. This resale can be determined by the location and the style of the house. ||
 * **Medium Rank Criterion** || Attractiveness to Renters || 2 || This is important because the rent gained from the house is the first form of financial return from the property. The house needs the be attractive to renters so they will stay there. This includes rent (cost), position of house, features etc. ||
 * **Lowest Rank Criterion** || Features || 1 || This includes bedrooms, bathrooms, size, location, garages etc. ||

in the area and without an interest in that particular location the building design and other factors are useless in acquiring profit. || and Aesthetics || 3 || This criterion reflects the socio-economic status of the area, the view, the general type of people likely to purchase in the area as well as the distance from popular places such as the CBD, educational facilities or shopping centres. This is important because it will determine the renters satisfaction and thus the length of time they will stay there, which all links back to profit. || as location due to the reduced impact that the building design would impose on projectable profit. Since all houses are of a significant price well above $800 000 neither one of the options possesses a poor structure and therefore this criteria ranks lower. || criteria would seem least important. However, this can also account for any further costs required in the form of additional improvements or ongoing maintenance. ||
 * Joshua C**
 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Demand in Area || 4 || The demand of property determines the potential future profit and people's general interest
 * **Medium Rank Criterion** || Location Practicality
 * **Medium Rank Criterion** || Building Design || 2 || The building design includes all and although reasonably important, it does not weight as strongly
 * Lowest Rank Criterion || Overall Costs || 1 || Finally, all three options are within a tight price bracket of similar values, and therefore this
 * Adam C**
 * Adam C**

Therefore, having my new phone last a long time is very important to me, so I have ranked this criteria as the most important of all. || because I am an economically rational consumer, therefore this is the second most important criteria for my decision making process. || much calling and text message capability as possible. This is quite important, so I have therefore ranked it as the third highest weighted criteria in my decision making process. || would enable me to do this. I obviously want the best possible megapixel rating for this camera. Having two cameras, a rear facing and front facing one would be a great added bonus as well. However, my highest priority is having a phone that is durable and cheap to maintain, so this criteria is lowly ranked. || appreciate being able to use some of these on my new phone. However, this is optional, as I could easily live without these features. I have therefore ranked this criteria as the least important. ||
 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Durability || 5 || My last phone, and iPhone, was not very durable, and broke very quickly.
 * **Medium Rank Criterion** || Low Cost || 4 || I want to spend the lowest possible amount of money on this phone,
 * **Medium Rank Criterion** || Standard Functionality || 3 || My mobile phone is an integral part of my daily life, and I want to have as
 * **Medium Rank Criterion** || Camera || 2 || I enjoy taking photos on my phone, and an inbuilt camera on my phone
 * **Lowest Rank Criterion** || Extra features || 1 || I found some of the extra features on the iPhone to be quite useful, and I would


 * Jack C**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Interest Rate on Purchases || 4 || A low interest rate for purchases is essential for a full time uni student. ||
 * **Medium Rank Criterion** || Annual Fee || 3 || This is important because it takes a chunk out of the money you invest so the minimum is preferred. ||
 * **Medium Rank Criterion** || Interest Free Period || 2 || A big interest free period is helpful because it gives the student time to gather the money up over time. ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** || Balance Transfer Rate || 1 || This is important because parents money will sometimes be transferred into the students bank account. ||


 * James C**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Interest Rates || 5 || the reason for choosing interest rates as my highest weighted factor is because if the interest rates are lower you will save money due to you not having to pay back as much money. ||
 * **Medium Rank Criterion** || Withdrawal Access || 4 || the reason for choosing Withdrawal access for my second highest criteria is that to access your money easily. You don't have to travel far using money to withdrawal money. ||
 * **Medium Rank Criterion** || On Going Fees || 3 || The purpose of the ongoing fee being weighted number 3 is to cover the costs of keeping your account active. Not all lenders charge an ongoing fee, but those that do are required by law to disclose the amount to keep from misleading consumers. ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** || Features || 1 || The Credit faetures include, Credit Limit, Balance, APR, Grace Period, Finance Charge and Incentives and Rewards. These do not have a major impact thats why it is poorly rated. ||


 * Christopher D**

the estimated return is very high, then it is definately worth investing in, and most likely will result in this house being the option I choose. The more money I receive from the investment, the better it is for solving my problem. || house will not rise significantly, then it will not be worth investing in. However, if a property is predicted to rise in value, then it will definately be worth investing in. || If the house is located in a nice area, then people will be interested in renting the property. This criterion is reasonably important because if an issue arises, then I will be able to reach the house in a quick time. || difference between them. || of people to rent the house, which could effect the overall return. ||
 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Estimated Return on the property. || 5 || This is the most important criterion as it is what will solve my economic problem. If
 * **Medium Rank Criterion** || Risk involved with investing in the property. || 4 || This is an essential aspect because if a house is in a location were the price of the
 * **Medium Rank Criterion** || Area in which the house is located. || 3 || This criterion is important as it will have a large impact on peoples want to rent the property.
 * **Medium Rank Criterion** || Price || 2 || Even though the prices are relatively similiar, there will still be a reasonably significant
 * **Lowest Rank Criterion** || Features of the house. || 1 || This criterion is not very important, but it may determine the willingness


 * Nick F**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Accessibility || 5 || The card is useless unless the store accepts the credit card ||
 * **Medium Rank Criterion** || Annual fee || 4 || I intend only to use the card for small purchases and pay the bills in the intrest free periods, so I would prefare not to have to pay for a card when i'm paying the bills back on time. ||
 * **Medium Rank Criterion** || Interest free periods || 3 || I intend to pay the credit bills back in the intrest free period, so not to incur an intrest fee, but I may sometimes need to have more time to pay back to bill ||
 * **Medium Rank Criterion** || Interest rates || 2 || Although I intend to pay the bill before the intrest rates begin,in the event i'm late paying the bill, I would prefer to pay as little as possible ||
 * **Lowest Rank Criterion** || Card limit || 1 || I only intend to use the card for small, occasional perposes, so the card limit is not an important factor ||


 * James F**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** ||  ||   ||   ||


 * Daniel G**

One of the reasons behind moving to an apartment was to be closer to work, school, CBD and uni and to stay out of the suburbia traffic. The closer the better
 * **Name** || **Weight** || **Reason for Ranking** ||
 * **Highest Rank Criterion** || Price || 5 || It is very important to stay under the budget and get the most value for the least amount of money ||
 * **Medium Rank Criterion** || Location || 4 ||  ||
 * **Medium Rank Criterion** || Size || 3 || Even though all the apartments are 3 bed and 2 bath and will be relatively the same size but the bigger the apartment is means that it will have a greater preference over the others ||
 * **Medium Rank Criterion** || Building Facilities || 2 || Although it would be a bonus to have such facilities as a pool or a gym, it is not as important as other criteria ||
 * **Lowest Rank Criterion** || Appearance || 1 || The appearance of the actual building is probably the least important criterion as it is the actual apartment that matters ||


 * James H**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Risk || 4 || It is important to invest in the shares that have the required price range. ||
 * **Medium Rank Criterion** || Dividends || 3 || It is important to invest in shares that have the highest dividends possible. ||
 * **Medium Rank Criterion** || Time || 2 || If the money invested in theses shares are a long term investment or a short term investment. ||
 * **Lowest Rank Criterion** || Price || 1 || The amount of money the shares cost could depend on the investment. ||


 * James K**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Interest Rates || 5 || Standard and bonus interest rates are the most important facets of a savings account and can determine how much interest (Y) is earned through depositing income. This is the most important asset in a child's account as firstly it can teach good savings habits (due to the higher amount of interest earned when savings are regularly deposited), however, also it encourages the child to deposit more funds to increase the potential for interest earnt. ||
 * **Medium Rank Criterion** || Withdrawal Access || 4 || Having a minimal withdrawal access is particularly important for a children's account as it will guarantee a higher interest rate and therefore a higher rate of return, however, also this will limit the child's access to funds withdrawal. ||
 * **Medium Rank Criterion** || Ongoing Fees (e.g. Account Keeping Fees) || 3 || Ongoing fees such as account keeping fees, ATM fees and over the counter deposit fees are an important consideration of a savings account as is it crucial to monitor, to maintain a positive account balance. Costs and expenditure due to fees for account maintenance etc. diminish savings and reduce the interest earned. These two criteria (Withdrawal access and Ongoing fees) are very similar in their weightings and importance, however, withdrawal access was rated higher as this is a child's account and is more necessary than fees which are almost non-existent in these passbook or children's saver accounts. ||
 * **Medium Rank Criterion** || Features || 2 || Additional features include ATM access, debit cards and internet/phone banking and are extra benefits in a financial intermediary account, as the function of this style of account is basically just a storage of funds. This is therefore not a highly ranked criterion. ||
 * **Lowest Rank Criterion** || Other Financial Requirements || 1 || The financial requirements of a savings account include minimum opening deposits and minimum balances and interest payments, however, this isn't highly ranked as the funds should be deposited in months or weeks (parents will deposit a certain amount of money per month/week) and as the minimum opening deposit is only a small amount of money. ||


 * Thomas K**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** ||  ||   ||   ||


 * Kevin B**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** ||  ||   ||   ||


 * Jeremy M**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Card acceptance || 5 || The reason behind the economic problem is that I want to be able to buy goods and services almost anywhere whether online or not which makes it the most important factor in choosing a card, thus being the highest ranked criteria. ||
 * **Medium Rank Criterion** || Features of the bank account linked to the card || 4 || As I must be linked to a bank account to have a debit card the account itself has to be useful and provide decent benefits and interest, which ranks it as the second highest criteria. ||
 * **Medium Rank Criterion** || Card fees || 3 || Money is a scarce resource so keeping upfront and ongoing fees at a minimum will help allow for more money being available for me to spend. Though since I am employed and have a constant income money is not completely limited and thus not as important as the first two criteria. ||
 * **Medium Rank Criterion** || Extra benefits || 2 || Most banks provide extra benefits for debit cards in terms of card colour, security, etcetera to entice possible customers who have considered the first three criteria and have found that they are all similar and need extras to choose a card. It is not however as influential as the other criteria. ||
 * **Lowest Rank Criterion** || Bank's financial performance || 1 || Just as a security measure the the rate of which the bank has been growing (or not) in terms of revenue versus expenditure and share prices over the last few years will be examined. The three banks chosen are big banks so the probability of any crashing is low, thus being the lowest criteria. ||


 * Ash M**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** ||  ||   ||   ||


 * Rigel N**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Ability to load good graphic games || 5 || As mentioned, the whole purpose of buying a new computer is so that I can play good graphics games therefore, this is ranked the highest ||
 * **Medium Rank Criterion** || Weight || 3 || I am a boarder and travel overseas a lot, therefore, the weight of the laptop should be ranked second as it affects greatly towards my convenience ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** || Price || 1 || A total of $2000 is set to be the maximum already, it is considered as a sunk cost and therefore, the price only matters a little bit. ||


 * Michael P**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Lowest Rank Criterion** ||  ||   ||   ||


 * Charlie Q**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Health || 5 || Always important to check the particular breed’s history, so you can have a basic idea what sort of diseases it’s likely to get. You don’t have to always rush your pet to the vet for emergencies. ||
 * **Medium Rank Criterion** || Breed || 4 || Always want a pure colour and pure breed cats. No hybrids. ||
 * **Medium Rank Criterion** || Ongoing Cost || 3 || When you decided to buy your dream pet, even it costs you a fortune you still will pay for it. To maintain it healthy is another story. (start saving now) ||
 * **Medium Rank Criterion** || Shedding || 2 || Most cats only shed furs during spring and for female, it’s during spring and when she’s pregnant. Not a big deal. ||
 * **Lowest Rank Criterion** || Personality || 1 || Personality is not really important for teens to get a cat, though it’s crucial for elders and children (under 12) . After all you still have to get to know your pet. ||


 * Andrew S**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Interest Rate || 4 || Most important because a young person may not have the money at the time to pay the monthly credit card bill and will have to pay interest which needs to be low. ||
 * **Medium Rank Criterion** ||  ||   ||   ||
 * **Medium Rank Criterion** || Annual fee || 3 || Second most important because a young person is earning a small income and will need to have money for other things. ||
 * **Medium Rank Criterion** || Interest free period || 2 || Third most important because this will greatly benefit a young person as they will not have to worry about interest for a certain period. ||
 * **Lowest Rank Criterion** || Reward points || 1 || This is weighted the lowest because they do not affect the income of him/her, but give rewards for using the card. ||


 * Archie S**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || End Result/Benefits || 5 || The purpose for the investment is to be financially independent after retiring therefore the fund that gives the most benefit on retirement will be the most preferred fund. ||
 * **Medium Rank Criterion** || Track Record || 4 || It is important that the fund in which the lady invests has performed well in the past because that would mean they have good knowledge and safe way of investing. If the fund hasn’t performed well in the past, what is the guarantee that it will do well in the future. ||
 * **Medium Rank Criterion** || Life Insurance/Disability Cover || 3 || While super is for retirement, if it provides low-cost and tax-effective death and permanent disability insurance, and/or income protection than it is a huge benefit. In the case of this lady, since she is a business woman, it is important to have income protection. ||
 * **Medium Rank Criterion** || Fees || 2 || Fees affect super in two ways. They directly reduce the amount of super in the account and they reduce future earnings on the super account. Therefore, low fees mean that more money stays in the ladies account. ||
 * **Lowest Rank Criterion** || Range of investment options || 1 || The lady is choosing to go with a new super fund because she wants to minimise the risk by having diverse investment options. So if it is a superfund that offers diversity in investments, e.g. shares, real estate, gold etc., than the risk of failure is minimised. However, as long as the fund is doing well, this criteria is not overly important. ||


 * Eliot S**


 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Return || 5 || The purpose of choosing the best superannuation, is to find the company that will return the most amount of money, at the retiring age. ||
 * **Medium Rank Criterion** || Record || 4 || Important to choose the fund that has the best record, to ensure there is no mishaps and it is the safest and most trusted company. ||
 * **Medium Rank Criterion** || Life Insurance/ Claims || 3 || As super is for retirees, it needs to provide affordable, death and disability, or income protection. ||
 * **Medium Rank Criterion** || Fees || 2 || The lower the fees the more money the investor will receive at the desired age. ||
 * **Lowest Rank Criterion** || Different Company Options || 1 || In order to choose the best superannuation fund, a range of different companies are to be explored for quality and protection of the investor. ||


 * David T**
 * || **Name** || **Weight** || **Reasons for Ranking** ||
 * **Highest Rank Criterion** || Risk || 4 || Amount of borrowings e.g. debt. Diversification (number of different products produced) Past peformance. Projected performance. These factors play a major role in the value of investments. ||
 * **Medium Rank Criterion** || Return on Investment || 3 || You want a return on your investment (dividend/profit) not a loss. ||
 * **Medium Rank Criterion** || Capital Growth || 2 || Value of the investment goes up. ie, sell the stock for more than bought. ||
 * Lowest Rank Criterion || Ethical investment || 1 || Some people may not want to invest in a particular company as it contradicts their beliefs ie. Oil companies and the environmental issues. ||