Understanding Weighted Averages: Definition and Applications
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The definition of a weighted average:
What is a Weighted Average?
A weighted average is the result of multiplying each number in a set by a value assigned to it (its weight), and then calculating the arithmetic mean of the resulting products. It's used when the components contributing to the average are not equally important.
For example, if a teacher states that an examination is worth 40% of the final mark, another is worth 35%, and a third is worth 25%, the weighted average would be calculated as follows:
mediaPond = (ex1 * 40 + ex2 * 35 + ex3 * 25) / 100
Basically, it's an average of a dataset that allows you to define the degree of importance for each data point's contribution to the average.
If the data are 2, 3, 5, 7, 9, 6, 8, the average... Continue reading "Understanding Weighted Averages: Definition and Applications" »