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One of the uses of FACT devices (SVC, Statcom,...) is to provide dynamic reactive support (also known as voltage control support) for dynamic studies where [US NERC] contingencies type B or C cause voltage collapse or to comply with reliability standards on reactive/voltage performance.
For voltage collapse scenarios, the 'best' location can be found by modal analysis of a voltage stability study at the voltage collapse transfer level for the worst contingency. VSAT has such tool. The 'best' size is confirmed with transient stability studies searching for the amount of MVARS that would resolve the voltage collapse for the worst contingency. The study case would be a future case (to allow for FACT construction time) and the final size could include a margin for X years beyond the future case studied.