Generate Rating Definition

To rate a project, start by configuring your ratings scale in Firm Settings. Once set up, you can generate ratings directly from a template.

Define your Rating Scale

The rating scale is a minimum and a maximum value that you will assign to a question or a subcategory.

• Parts of a Rating : Rating has following 3 different parts 
  • Rating Name : Rating name is used to show the name of the rating while rating the responses. Ex. 1,2,3, etc or Low Risk, High Risk, Medium Risk or Red, Yellow, Green to define risks.
  • Rating Color : Rating color is the actual color of the rating shown while rating the responses.
  • Rating Score : Rating Score is the number given to each rating value for subcategory, category and project score calculation.
• Rating Mode :
  • Absolute Scale : If you want to assign ratings to the responses in absolute numbers like 1 to 5, your rating scale will be 1,2,3,4 and 5.  You can also use colors as an absolute rating scale. Ex. Red, Yellow, Green.
  • Scoreband Scale : In score band scale, the rating color can be defined for a range. Ex. If your rating scale is 0 to 100, you can set different colors for different rating ranges. Here, if the response has a score between 0 to 50 you can use a single color say Red. Similarly, 51 to 80 can be Amber and 81 to 100 can be of Green color to indicate different types of risks. 

Configure the Rating Scale

Once the rating scale is defined by you internally, you can create and configure the same in DV by going to Firm Settings > Rating/Score Map > Rating/Score Scale.

• Click on the plus sign on the top right hand side corner, give it a name and select the rating mode.
• Once the rating scale is created, you can make changes to the rating names and rating colors as per your requirement. 
• If you have selected absolute scale, by default, 5 ratings will be shown. 
  • N/A indicates items excluded from the final score
  • N/R indicates items that have yet to be rated. If they remain unrated, a value of 0 will be included in the final rating calculations.
• You can use plus or minus signs to add or remove the above ratings and finally click on the save button to save the changes.

Generating a Rating Definition

Now that you have configured the rating scale, you can go to the template where the rating is to be configured from Diligence > Templates.

• Open the template and make sure it is activated (If not activated click on the activate button).
• Now click on the "More" button on the top right hand side corner and go to "Generate Rating/Score Map". This will open a pop-up window for you to select the rating scale you just created.
• Next, you will see 2 options "Sub-category" and "Questions". Select "Sub-category" if you want to rate only the subcategories and do not want to rate each and every question/response and "Questions" if you want to rate every question from the template.
  
• Once this is done, you will see a preview that says "Assign a rating". You can hover over the small boxes to see the color and name of the rating in this rating scale.
• Finally you can click on the "Generate Rating/Score Map" to create a rating definition.

You will be automatically redirected to Firm settings > Rating/Score Map > Rating Score Definition where the name of the rating definition will be the name of the template. Here you can assign weightages to the category, subcategory or a question.

Please note that the overall weightage of the entire questionnaire should always be equal to 100 or you will see a red (i) icon that indicates an error in weightages.

If you scroll down you will find a field that says scoring engine. There are 2 types of scoring engines : 

• Weighted Average : This will calculate the project and category score based on the weights assigned to each question, subcategory and category. This is the default way of scoring in DiligenceVault. Use this when you do not want to rate/score based on any single rule but instead want to make one based on the average level of risk found.
  Weighted average calculation is done by multiplying individual question values with the corresponding weightage value, and dividing the sum of those values by sum of weightages in that subcategory. Ex.
  Q1 - score 5, weightage 10
  Q2 - score 3, weightage 10
  Q3 - score 2, weightage 10
  Q4 - score 3, weightage 10
  Q5 - score 1, weightage 10
  Weighted average = ((5 * 10) + (3 * 10) + (2 * 10) + (3 * 10) + (1 * 10)) / (10 + 10 + 10 + 10 + 10)
  = 2.8
• Simple Sum : Use this when you want to do a simple sum and not take into account any weightage/average. In the above example, the calculation of the score will be a sum of all the scores Ex. 5+3+2+3+1=14

Rating Custom Fields : Custom fields to the ratings can be added here and can be used to add an explanation or comments to the ratings on the project.