(ほう)

ほう
noun
direction, way; (comparison)
1. direction, side, way
Indicates a direction, area, or method.
The station is in the north direction.
Indicating direction
I walked toward the sea.
The sound came from the direction of the window.
2. (in comparisons) the ... one
Used to compare two things, indicating preference or degree.
I prefer tea. (Tea is the one I like more.)
Comparison usage
This one is cheaper.
Comparison usage
The train is faster than walking.

方 (ほう) is used for: 1) Direction or area (北の方 - toward the north), 2) Comparisons (Aの方がBより~ - A is more ~ than B). The comparison pattern is very common: 「Aの方が好き」 (I prefer A), 「こちらの方がいい」 (this one is better).

Note: 方 can also be read かた meaning 'person' (polite) or 'way of doing.'