Its a process. So what happens is we obviously watch the event. For example, let say we were still doing updates and we had to do one for the Jones card this weekend. There are 11 UFC 3 fighters on that card so we watch each fight and take notes. My process is usually just noting the good and bad of how each fighter looks. For example, it will be random notes like "Rockhold: Footwork +, Clinch grapple + and Chin -".
I'll take those notes and on Sunday, I'll rewatch the fight just to make sure that i wasnt just caught up in the moment.
Sunday through Tuesday (depending on how many fighters were on the card), I'll take a look at the chart i have with all the ratings and based on my notes, I'll see where they line up. Lets say Luke has a 93 in footwork ( not the real numbers) but I think he needs a big bump based on a fight. So I look at the chart and ask myself "How big of a bump and should he be higher than all the people in front of him in this category"?
By Wednesday, I send my suggestions to the team who also watched the fights and have their own suggestions. Then we debate what the changes should be. One of the members of the team looks at it from a balance perspective (does giving Luke a 4 point buff in a certain category make him OP?). I look at it from a realism perspective. The 3rd member is kind of the tiebreaker if it ever comes to that. This back and forth can take days given that we all have other responsibilities.
Finally the changes are input into the game but only done in conjunction with an update or a patch.
So the process can take a little while. One last point is that the UFC team is smaller. Its basically a couple of folks who work for EA and me. For comparison sake, Madden has like 10 people on their team (they have more players to rate so that makes sense.). I'm not getting paid for this work and the other members of the team have other responsibilities related to the game so alot of it is finding the time to fit this all in.