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







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    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







    share|cite|improve this question
























      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







      share|cite|improve this question













      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






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      share|cite|improve this question











      share|cite|improve this question




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      asked Apr 3 '17 at 17:12









      Frankie

      63




      63






















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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



          $$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$






          share|cite|improve this answer





















          • 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











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          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



          $$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$






          share|cite|improve this answer





















          • 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















          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



          $$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$






          share|cite|improve this answer





















          • 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













          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



          $$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$






          share|cite|improve this answer












          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



          $$ave= 2[text{weighted by hours worked}]+1[text{weighted by sales}]$$







          share|cite|improve this answer












          share|cite|improve this answer



          share|cite|improve this answer










          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


















          • 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


















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