Weighted Average

The weighted mean is a measure of centralization that consists of giving each observation in the sample a set of weights according to the importance of each element of the data set, with respect to the others.

The data set can be called X1, X2,…, XN, while the weights can be set with weights p1, p2,…, pN.

One of the uses of the weighted average is in the calculation of student grades, all grades are taken, the final exam being the one with the greatest weight. It is also applied in the calculation of the Consumer Price Index.

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