How do I compute a double weighted average? In other words, an average with two weighting factors.
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This might be a simple question...
I was wondering, how does one take a double weighted average? (honestly, don't know if that is what it is called). For example, let's say that we are working with data from the table below:
Cellphone type | # of phones sold | # of hours spent on design | Profit
-------------- ---------------- --------------------------- ------
Iphone 1,000 200 $30K
Samsung 3,000 150 $40K
HTC 7,000 140 $35K
1) I know that the simple average of the profit is: $35K
2) I also know that the average weighed by # of phones sold is: $35.9091K
3) And, that the average weighted by # of hours spent on design is $34.4898K
Now, what is the profit average weighted by # of phones sold and # of hours spent on design? Is it a simple average between 2 and 3?
average
asked Apr 3 '17 at 17:12
Frankie
63
add a comment |
up vote
1
down vote
favorite
This might be a simple question...
I was wondering, how does one take a double weighted average? (honestly, don't know if that is what it is called). For example, let's say that we are working with data from the table below:
Cellphone type | # of phones sold | # of hours spent on design | Profit
-------------- ---------------- --------------------------- ------
Iphone 1,000 200 $30K
Samsung 3,000 150 $40K
HTC 7,000 140 $35K
1) I know that the simple average of the profit is: $35K
2) I also know that the average weighed by # of phones sold is: $35.9091K
3) And, that the average weighted by # of hours spent on design is $34.4898K
Now, what is the profit average weighted by # of phones sold and # of hours spent on design? Is it a simple average between 2 and 3?
average
asked Apr 3 '17 at 17:12
Frankie
63
add a comment |
up vote
1
down vote
favorite
up vote
1
down vote
favorite
This might be a simple question...
I was wondering, how does one take a double weighted average? (honestly, don't know if that is what it is called). For example, let's say that we are working with data from the table below:
Cellphone type | # of phones sold | # of hours spent on design | Profit
-------------- ---------------- --------------------------- ------
Iphone 1,000 200 $30K
Samsung 3,000 150 $40K
HTC 7,000 140 $35K
1) I know that the simple average of the profit is: $35K
2) I also know that the average weighed by # of phones sold is: $35.9091K
3) And, that the average weighted by # of hours spent on design is $34.4898K
Now, what is the profit average weighted by # of phones sold and # of hours spent on design? Is it a simple average between 2 and 3?
average
asked Apr 3 '17 at 17:12
Frankie
63
This might be a simple question...
I was wondering, how does one take a double weighted average? (honestly, don't know if that is what it is called). For example, let's say that we are working with data from the table below:
Cellphone type | # of phones sold | # of hours spent on design | Profit
-------------- ---------------- --------------------------- ------
Iphone 1,000 200 $30K
Samsung 3,000 150 $40K
HTC 7,000 140 $35K
1) I know that the simple average of the profit is: $35K
2) I also know that the average weighed by # of phones sold is: $35.9091K
3) And, that the average weighted by # of hours spent on design is $34.4898K
Now, what is the profit average weighted by # of phones sold and # of hours spent on design? Is it a simple average between 2 and 3?
average
average
asked Apr 3 '17 at 17:12
Frankie
63
asked Apr 3 '17 at 17:12
Frankie
63
asked Apr 3 '17 at 17:12
Frankie
63
asked Apr 3 '17 at 17:12
Frankie
63
asked Apr 3 '17 at 17:12
Frankie
63
63
add a comment |
add a comment |
1 Answer
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You can't do this without further information. The second weighted average should be weighted with respect to how important the metrics are to you - perhaps you care twice as much about # of hours than # of sales. In that case you would do
$$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$
answered Apr 3 '17 at 17:17
Stella Biderman
26.5k63175
You make an interesting point. But, I am wondering if the "further information" (the seconded weighted average) can be obtained by a combination of the two weighting factors.
– Frankie
Apr 3 '17 at 17:24
@Frankie No, there is no guarantee that that is the correct choice of weights.
– Stella Biderman
Apr 3 '17 at 17:24
add a comment |
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1 Answer
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1 Answer
1
active
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up vote
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down vote
You can't do this without further information. The second weighted average should be weighted with respect to how important the metrics are to you - perhaps you care twice as much about # of hours than # of sales. In that case you would do
$$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$
answered Apr 3 '17 at 17:17
Stella Biderman
26.5k63175
You make an interesting point. But, I am wondering if the "further information" (the seconded weighted average) can be obtained by a combination of the two weighting factors.
– Frankie
Apr 3 '17 at 17:24
@Frankie No, there is no guarantee that that is the correct choice of weights.
– Stella Biderman
Apr 3 '17 at 17:24
add a comment |
up vote
0
down vote
You can't do this without further information. The second weighted average should be weighted with respect to how important the metrics are to you - perhaps you care twice as much about # of hours than # of sales. In that case you would do
$$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$
answered Apr 3 '17 at 17:17
Stella Biderman
26.5k63175
You make an interesting point. But, I am wondering if the "further information" (the seconded weighted average) can be obtained by a combination of the two weighting factors.
– Frankie
Apr 3 '17 at 17:24
@Frankie No, there is no guarantee that that is the correct choice of weights.
– Stella Biderman
Apr 3 '17 at 17:24
add a comment |
up vote
0
down vote
up vote
0
down vote
You can't do this without further information. The second weighted average should be weighted with respect to how important the metrics are to you - perhaps you care twice as much about # of hours than # of sales. In that case you would do
$$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$
answered Apr 3 '17 at 17:17
Stella Biderman
26.5k63175
You can't do this without further information. The second weighted average should be weighted with respect to how important the metrics are to you - perhaps you care twice as much about # of hours than # of sales. In that case you would do
$$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$
answered Apr 3 '17 at 17:17
Stella Biderman
26.5k63175
answered Apr 3 '17 at 17:17
Stella Biderman
26.5k63175
answered Apr 3 '17 at 17:17
Stella Biderman
26.5k63175
answered Apr 3 '17 at 17:17
Stella Biderman
26.5k63175
26.5k63175
You make an interesting point. But, I am wondering if the "further information" (the seconded weighted average) can be obtained by a combination of the two weighting factors.
– Frankie
Apr 3 '17 at 17:24
@Frankie No, there is no guarantee that that is the correct choice of weights.
– Stella Biderman
Apr 3 '17 at 17:24
add a comment |
You make an interesting point. But, I am wondering if the "further information" (the seconded weighted average) can be obtained by a combination of the two weighting factors.
– Frankie
Apr 3 '17 at 17:24
@Frankie No, there is no guarantee that that is the correct choice of weights.
– Stella Biderman
Apr 3 '17 at 17:24
You make an interesting point. But, I am wondering if the "further information" (the seconded weighted average) can be obtained by a combination of the two weighting factors.
– Frankie
Apr 3 '17 at 17:24
You make an interesting point. But, I am wondering if the "further information" (the seconded weighted average) can be obtained by a combination of the two weighting factors.
– Frankie
Apr 3 '17 at 17:24
@Frankie No, there is no guarantee that that is the correct choice of weights.
– Stella Biderman
Apr 3 '17 at 17:24
@Frankie No, there is no guarantee that that is the correct choice of weights.
– Stella Biderman
Apr 3 '17 at 17:24
add a comment |
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