excelexcel-formulaaverageweighted-average
Calculating "Trimmed" Weighted Average
Anyone have any ideas on how to create a formula that will calculated a "trimmed" weighted average?
For example: I have 10 different numbers with their own weights. How do I go about creating a formula that calculates a weighted average of only the 8 middle numbers (highest and lowest value removed).
Thanks in advance for everyone's input - and happy holidays.
Example: Jen: $5 with a weight of 20% Harrison: $6 with a weight of 25% Ford: $1 with a weight of 30% Bill: $10 with a weight of 25%
Expected output = I would want the Weighted average of Jen & Harrison since Ford and Bill have the highest/lowest value.
Solution
Use this array formula:
=AVERAGE(IF((A1:A4>MIN(A1:A4))*(A1:A4<MAX(A1:A4)),A1:A4*B1:B4))
Being an array formula it needs to be confirmed with Ctrl-Shift-Enter instead of Enter when exiting edit mode.
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