![]() ![]() Weighted means are useful in a wide variety of scenarios. Thus, we do not need to account for the differences and can simply sum up the numbers that we are interested in finding the mean of and then dividing the sum by the number of observations. When calculating an arithmetic mean, we make the assumption that all numbers used in the calculation show an equal probability of occurring or have equal weights. It is important to note that all the probabilities or weights must be mutually exclusive (i.e., no two events can occur at the same time) and that the total weights and probabilities must add up to 100%. It is very useful when calculating a theoretically expected outcome where each outcome has a different probability of occurring, which is the key feature that distinguishes the weighted mean from the arithmetic mean. The weighted mean is a type of mean that is calculated by multiplying the weight (or probability) associated with a particular event or outcome with its associated quantitative outcome and then summing all the products together. ![]()
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