Evaluation and Giving Weights to Internal Factors
Response factors to listed strengths and weaknesses of a firm identified by an internal audit are typically to be rated 1, 2, 3, or 4.
Many articles say it should be done as follows: 1 is a major weakness, 2 is a minor weakness, 3 is a minor strength and 4 is a major strength.
In other words, that would mean weaknesses can only rated as 1 or 2, while strengths can only be rated 3 or 4.
Instead, shouldn't strengths be rated 1 to 4 depending on the fortitude of the strength (4 being a very strong strength and 1 a very weak strength) and shouldn't weaknesses likewise be rated from 1 to 4 depending on the feebleness of the weakness with 1 being a very weak weakness and 4 being just a little weak?
In the latter case many web articles have done the matrix numerically wrong. Thanks for any inputs on this!