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Places #2 and #3 are the same - the Launchpad application is just a front-end for the .cfg files.
As to which place is best, I believe it depends on what you're configuring. I'm no Scheduler expert, but in my opinion, if you're configuring:
- Allocation Costs, Global Cost curves, etc - they are best configured in the .cfg files.
- Priority-based Costs or Region based Costs - in my opinion it is best done in the MWM Admin Tool.
Dave Kemp or another Scheduler Guru would know better than I though.