Weighted Mean Calculator
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The Weighted Mean Calculator allows you to find the weighted mean of a dataset, which considers both the values and their corresponding weights.
Calculation Formula
The weighted mean is calculated as:
\[ \text{Weighted Mean} = \frac{\sum (Value \times Weight)}{\sum (Weight)} \]
Example Calculation
For example, if you have three values: 2, 4, and 6 with weights of 1, 2, and 3 respectively, the calculation would be:
\[ \text{Weighted Mean} = \frac{(2 \times 1) + (4 \times 2) + (6 \times 3)}{1 + 2 + 3} = \frac{2 + 8 + 18}{6} = \frac{28}{6} = 4.67 \]
Usage and Scenarios
The weighted mean is particularly useful when different data points contribute unevenly to the overall average. This calculation is commonly applied in areas like economics, finance, and education.
Common FAQs
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What is the difference between the mean and the weighted mean?
- The mean is a simple average, while the weighted mean takes into account the significance or weight of each value.
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Why is weighting important?
- Weighting allows you to emphasize more significant data points, ensuring that they have a greater impact on the final result.