DoesWeighted Average ReallyWorks?
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Grzegorz Grela: Maria Curie-Sklodowska University in Lublin, Poland
Since the eighties of the 20th century more and more computers were owned by entrepreneurs. Managers received very powerful tool in decision making process. It can be assumed that the biggest challenge for managers are multi-dimensional decisions, where each dimension may have different importance. One of the most common tasks, in this area, is to identify among many similar objects one, that best meets the requirements. This could be for example: selecting the project that best meets the established criteria, selecting the best candidates for a particular position or reward. The purpose of this article is to attempt to answer the question whether the use of the weighted average results in significant differences compared with the arithmetic mean?The author used the Monte Carlo method and basic statistical analysis methods. Results of this study showed when weight in average has real impact on the final result.
Keywords: weighted average disadvantages; weighted mean; Monte Carlo method (search for similar items in EconPapers)
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