Hi Darlene:
A couple of ways to approach your grading options. One is the points for individual components, and the other is assessing to what degree did the student learn the material.
At first it seems like these two entities are the same but they are not. Of course we always want to be fair. That said, points are just a way to be objective in assigning a grade. But what does a grade tell you about what the student may or may not have learned?
On the other hand, if a teacher can assess the students knowlege gained from a class, in principle, that's all they'd need for grading. Points and grades are simply a way to be objective and fair to all students. But, we have to appreciate they don't always measure learning.
Regards, Barry