Weighted Average
Example: 2 production series for which specific values must be measured.
Series 1 gives the values: 1, 3, 4, 7, 5. The average of series 1 is 20 / 5 = 4. Series 2 gives the values: 2, 1, 3, 4, 3, 5. The average of series 2 is 18 / 6 = 3. The average of the 2 series: (average series 1 + average series 2) / 2 = (4 + 3) / 2 = 3.5. The weighted average of the 2 series: (sum series 1 + sum series 2) / (number of series 1 + number of series 2) that is (20 + 18)/(5 + 6) = 38 / 11= 3.45.
The weighted average takes into account the larger number of series 2, for which reason the result is closer to the average of series 2.
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