Model Predictive Control with a finite control set has emerged as a promising control tool for power converters and drives. One of the major advantages is the possibility to control several system variables with a single control law, by including them with appropriate weighting factors. However, at the present state of the art, these coefficients are determined empirically. There is no analytical or numerical method proposed yet to obtain an optimal solution. In addition, the empirical method is not always straightforward, and no procedures have been reported. This paper presents a first approach to a set of guidelines that reduce the uncertainty of this process. First a classification of different types of cost functions and weighting factors is presented. Then the different steps of the empirical process are explained. Finally, results for several power converters and drives applications are analyzed, which show the effectiveness of the proposed guidelines to reach appropriate weighting factors and control performance.