Several approaches to determining a new formula for the allocation of faculty positions (and associated salary and operating funds) are discussed. These approaches are: weighting schemes used at peer institutions, faculty workload measures, and use of a state funding formula. A survey was used to solicit data concerning weighting schemes used at peer institutions. These weights were then applied to the subject institution's credit hours. The literature on the development of faculty workload measures was also reviewed. The state board for higher education's funding formula was converted to a weighting scheme and applied to the institution's student credit hours. It is concluded that each method has advantages and disadvantages. Use of a faculty activity analysis or a cost study would entail the collection and analysis of a large amount of data with no guarantee that the results would be acceptable. While the use of peer weights would not require as much effort and resources for implemention, the selection of any set of weights would be arbitrary and thus subject to criticism. None of the formulas accounts for all the variables relevant to particular decisions. The process that is currently under way at the University of Maryland at College Park to adopt a new weighting scheme is discussed. (Author/SW)