IIS Localhost Certificate Setup on Windows

I need assistance in creating and installing a localhost SSL certificate on my Windows PC. My web server is IIS, and I'm not using any specific tool to manage my certificates.

Ideal skills for the job include:
- Proficiency in IIS configuration
- Experience with Windows certificate creation
- Knowledge of SSL certificate installation
- Familiarity with Windows operating system

Please provide a detailed plan on how you intend to complete this task.