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a grocery store is trying to find a new supplier for carrots. its three most important supplier criteria are freshness, lot size, and cost, with factor weights of 0.3, 0.1, and 0.6, respectively. what would a supplier with ratings of 6, 8, and 10 in the three respective categories score as a weighted total?

Answer :

According to the given information, the three respective categories score as a weighted total is 7.4

wi = weighted factor

xi = ratings

Given  weights w1 =0.6 , w2 = 0.1, w3 = 0.3

Ratings x1 = 6 ,x2 = 8, x3 = 10

Total of weights = 0.6+0.1+0.3 = 1

Weighted total = 0.6*6 + 0.1*8 + 0.3*10 = 3.6 + 0.8 + 3 = 7.4

Weighted total = 7.4

  • The weighted average considers some factors' relative frequency or relevance within a data collection.
  • A weighted average can occasionally be more precise than a simple average.
  • Each data point's value is multiplied by the allotted weight in a weighted average before being added together and divided by the total number of data points.
  • The accuracy of the data can therefore be increased by using a weighted average.
  • To keep track of the cost basis of shares purchased at various points in time, stock investors utilize a weighted average.
  • In any instance, to calculate a weighted average, the values of each data point are multiplied by the allotted weight, added together, and then divided by the total number of data points.

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