by Simple Averages
Simple average of a set of values is determined by dividing the sum total of all the values by the number of values in the set.
The formula of simple average can be expressed as follows:
Simple average = (Total of x1 + x2+x3…..+xn)/n
Where;
x = values in the set
n = number of values in the set
Weighted average
Weighted average is a means of determining the average of a set of values by assigning weightage to each value in relation to their relative importance/significance.
The formula of weighted average can be expressed as follows:
Weighted average = (Total of x1w1+ x2w2+x3w3…..+xnwn)/(Total of w1 +w2+w3….+wn)
Where;
x = values in the set
w = weightage of each value in the set
n = number of values in the set
