The analysis and ranking of proposals can usually be effectively accomplished through the use of a standardized checklist. If all proposals were submitted in the same format, the checklist becomes an even more effective comparative and analytic tool. It should be noted that the assumptions of the potential partners should be the same in order to make an effective comparison. This is especially important when the financial plan is being examined. Assumptions such as future interest rates and inflation should be taken into account and brought up to a standardized level to make a sound comparison of all proposals.
The selection panel can score the potential partners in a number of ways:
• Individual Member Scoring
Each member of the selection panel is presented with a checklist. The member then scores each of the evaluation criteria for all proposals. At the end, the scores from all members are added up for each proposal. The proposal with the highest score becomes the preferred partner. Instead, the selection panel may rank the proposals. Each member's ranking score would be added and the potential partner with the best score would be the preferred partner. Both scoring systems can also be applied to oral presentations.
• Scoring by Consensus
In this method, only one evaluation score is generated by the entire evaluation panel, through a process of developing consensus in the evaluation. The total score would include points awarded for the presentation and for answers to panel questions. Again, the team with the best score would become the preferred partner. It is also appropriate to divide responsibilities for evaluating the proposals based on expertise of the members of the evaluation team. For example, the technical components could be reviewed by members of the team with technical expertise, while the financial and business components be reviewed by those with financial and business expertise.