The weighted mean is a type of mean that is calculated by multiplying the weight (or probability) associated with a particular event or outcome with its associated quantitative outcome and then summing all the products together.
The weighted mean is a type of mean that is calculated by multiplying the weight (or probability) associated with a particular event or outcome with its associated quantitative outcome and then summing all the products together.
Weighted Mean is an average computed by giving different weights to some of the individual values. If all the weights are equal, then the weighted mean is the same as the arithmetic mean. It represents the average of a given data. The Weighted mean is similar to the arithmetic mean or sample mean.
The Arithmetic mean.
When you find the “usual” mean for a set of numbers, all the numbers carry an equal weight. For example, if you want to find the arithmetic meanof 1, 3, 5, 7 The Weighted mean.
In some cases, you might want a number to have more weight. In that case, you’ll want to find the weighted mean. To find the weighted mean: 1 Weighted Mean Formula
The weighted mean is relatively easy to find. But in some cases the weights might not add up to 1. In those cases, you’ll need to use the weighted mean formula References
Everitt, B. S.; Skrondal, A. (2010), The Cambridge Dictionary of Statistics, Cambridge University Press. Vogt, W.P. (2005)
Statistical measure of central tendency
A truncated mean or trimmed mean is a statistical measure of central tendency, much like the mean and median.
It involves the calculation of the mean after discarding given parts of a probability distribution or sample at the high and low end, and typically discarding an equal amount of both.
This number of points to be discarded is usually given as a percentage of the total number of points, but may also be given as a fixed number of points.
