Answer the given question with a proper explanation and step-by-step solution. Medco plans to open a new medical center and is looking for a suitable location. They have narrowed their choice down to three locations, on Oak, Elm, and Ash Streets. They have defined four factors and have assigned weights to these factors as follows: proximity to hospitals (40), customer parking (30), appearance (20), and ease of expansion (10). They then rated the three locations for the four factors, using a scale of one to five. Their ratings are as follows: Location Factor Weight Oak Elm Ash Proximity to hospitals 40 2 5 3 Customer parking 30 5 1 3 Appearance 20 4 2 5 Ease of expansion 10 3 4 1 Calculate the scores for each location, and according to the factor rating model, which location should they choose? Please use Excel to solve this problem. Thanks so much!
Answer the given question with a proper explanation and step-by-step solution.
Medco plans to open a new medical center and is looking for a suitable location. They have narrowed their choice down to three locations, on Oak, Elm, and Ash Streets. They have defined four factors and have assigned weights to these factors as follows: proximity to hospitals (40), customer parking (30), appearance (20), and ease of expansion (10). They then rated the three locations for the four factors, using a scale of one to five. Their ratings are as follows:
Location
Factor Weight Oak Elm Ash
Proximity to hospitals 40 2 5 3
Customer parking 30 5 1 3
Appearance 20 4 2 5
Ease of expansion 10 3 4 1
Calculate the scores for each location, and according to the factor rating model, which location should they choose? Please use Excel to solve this problem. Thanks so much!
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