DoesWeighted Average ReallyWorks?
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.
|This chapter was published in: Grzegorz Grela , , pages 1219-1227, 2013.|
|This item is provided by ToKnowPress in its series Active Citizenship by Knowledge Management & Innovation: Proceedings of the Management, Knowledge and Learning International Conference 2013 with number 1219-1227.|
|Contact details of provider:|| Web page: http://www.toknowpress.net/proceedings/978-961-6914-02-4/|
When requesting a correction, please mention this item's handle: RePEc:tkp:mklp13:1219-1227. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alen Jezovnik)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.