Change network location type (Public or Private) in Windows 8.1 and Windows 8

With Windows 8, Microsoft changed the way you define a network type. Earlier, in Windows 7 and Vista, the operating system allowed the user to set the connected network as public or private quickly with one click. However, in Windows 8 and above, the way you are supposed to set your network connection to Public or Private is completely different and very confusing. I would like to share how you can change the network location type in Windows 8.1 and Windows 8.