Today we will learn how to calculate weighted average in Excel with percentages.
What is weighted average ?
Weighted average or weighted mean is defined as [from wikipedia],
The weighted mean is similar to an arithmetic mean …, where instead of each of the data points contributing equally to the final average, some data points contribute more than others.
…If all the weights are equal, then the weighted mean is the same as the arithmetic mean.
Why should you calculate weighted average?
Well, it is because, in some situations normal averages give in-correct picture. For eg. assume you are the CEO of ACME Widgets co.. Now you are looking annual salary report and being the numbers-gal you are, you wanted to find-out the average salary of your employees. You asked each department head to give you the average salary of that department to you. Here are the numbers,
Now, the average salary seems to be $ 330,000 [total all of all salaries by 5, (55000+65000+75000+120000+1200000)/5 ].
You are a happy boss to find that your employees are making $330k per year.
Except, you are wrong. You have not considered the number of employees in each department before calculating the average. So, the correct average would be $76k as shown above.
How to Calculate Weighted Average in Excel with Percentages
There is no built-in formula in Excel to calculate weighted averages. However, there is an easy fix to that. You can use SUMPRODUCT formula. By definition, SUMPRODUCT formula takes 2 or more lists of numbers and returns the sum of product of corresponding values. [related: Excel SUMPRODUCT Formula – what is it and how to use it?]
So, if you have values in B4:B8 and the corresponding weights in C4:C8, you can use SUMPRODUCT like this to get weighted average.
=SUMPRODUCT(B4:B8, C4:C8)
Caution: However, the above method works only if C4:C8 contains weights in percentages(%) totaling to 100%.
WAvg Formula Pattern (use this with your data)
=SUMPRODUCT(<your values>, <your weights>)What if my percentage weights don’t add up to 100%?
May be your weights are more than 100 percent. Or may be they are less than 100 percent. In both cases, you can use the below formula variation.
=SUMPRODUCT(B15:B19, C15:C19) / SUM(C15:C19)
The idea is to divide the total of weights with the SUMPRODUCT result so that we can adjust Weighted Average as the weights don’t add up to 100 percent.
WAvg Formula Pattern when weights don’t add up to 100 percent
=SUMPRODUCT(<your values>, <your weights>) / SUM(<your weights>)Weighted Average when you have counts instead of weights:
If you have count of observations instead of weights, you can still use the SUMPRODUCT formula to calculate weighted average in Excel.
Here is the formula for above example:
=SUMPRODUCT(B26:B30, C26:C30) / SUM(C26:C30)
Notice that this formula is same as the formula for weighted average with weights not adding up to 100 percent.
WAvg Formula Pattern when you have counts instead of weights
=SUMPRODUCT(<your values>, <your counts>) / SUM(<your counts>)Weighted Average with Extra Conditions
Let’s say you have city wise observations and weights. And you want to calculate the weighted average, only for Boston values. In this case, you can use a variation of the formula like below:
=SUMPRODUCT((C5:C16)*(B5:B16=F5),D5:D16)/SUMIFS(D5:D16,B5:B16,F5)
How does this formula work?
- SUMPRODUCT calculates the total value for BOSTON by summing up C5:C16 (value column) where B5:B16 is Boston (highlighted portion of the formula) and multiplies that with the counts.
- So in the above example, this will just give us the total of Boston – ie 218,600
- We then divide this with the total count of Boston (using the SUMIFS formula) – ie 400
- This results in the weighted average for Boston values alone – ie 546.50
For more information on how the conditions work inside SUMPRODUCT formula, please read this article.
Download Weighted Average Calculation Example Workbook:
In this workbook, you can find 4 examples on how to to calculate weighted average in excel. Go ahead and download it to understand the formulas better.
Weighted Average in Excel – Formula Explained
Here is a video with Weighted Average formula explained. Please watch it below to learn more. Alternatively, head to my YouTube page to see the weighted averages in Excel video.
In Conclusion
Weighted averages are a great way to explain data and every data analyst should know how and when to use them with their data. Apart from Weighted Average, I suggest learning how to use moving average and average of top n values. These will help you explain the data and trends to your audience better.
Do you use Weighted Mean / Weighted Average?
What do you use it for? What kind of challenges you face? Do you apply any tweaks to weighted average calculations? Please share your ideas / tips using comments.
26 Responses to “FIFA Worldcup Excel Spreadsheets [Roundup]”
Nice roundup! Do you know of any one-page spreadsheets which will be updated by an administrator after each game? Would be nice to be able to print out the latest results whenever I feel like checking them as I probably won't be following closely every day.
I actually haven't tried any of the above ones yet, but I thought I'd mention this one that I found which makes a nice one-page form you can fill in dynamically. http://exceltemplate.net/sports/world-cup-2010-schedule-and-scoresheet/
I would like to recommend you these one: http://www.anotagol.com/
You can choose your interface language (english, spanish, italian, portuguese, german or french) and your country for the timezone of match. I like it very much.
An awesome online world cup calendar in flash.
http://www.marca.com/deporte/futbol/mundial/sudafrica-2010/calendario-english.html
Got one more tracker in excel (one page)
http://cid-b09e57e6e960505c.office.live.com/browse.aspx/.Public
[...] Passend zu gerade laufenden Fußball-WM gibt es auf Chandoo.org alles wissenswerte über Excel-Anwendungen für den Fußball-Fan. [...]
Great!!!
I strongly recommend this :
http://www.en.excel-soccer-2010.de/downloads
Chandoo how you found this ...
@Rohit.. really beautiful file. I missed it during my research. Now, I recommend it. 🙂
Hi Chandoo - thanks for the recommandation 🙂 - Regards
[...] Excel, then print it on the other side of your Match Schedule from step 2 above. There are several other Excel spreadsheet templates you can download, but this is probably the only one-page version you can find; plus, it [...]
Does anybody know how to re-create this(?): http://www.marca.com/deporte/futbol/mundial/sudafrica-2010/calendario-english.html
...or do you know where a template can be found? I am DYING to have something like this on my site. When I found it, I had been looking for the longest time for a circular calendar. I found a couple that weren't adequate. Then I stumbled upon this one and my eyes nearly popped out of my head. If anyone can lead me in the right direction, I would be eternally grateful!
Thanks in advance!
Robert
@Robert...
Doing something like that is a lot of work. You can probably get it done with some hired help from a flash developer.
@Robert, the World Cup flash in the Spanish Marca newspaper is impresive, but not much as my own animated spreadsheet with the Goals of 2010 World Cup South Africa in Excel that I just published into my blog:
http://pedrowave.blogspot.com/2010/06/goals-of-2010-world-cup-south-africa-in.html
Download from here:
http://cid-6b219f16da7128e3.office.live.com/view.aspx/.Public/Goals%20South%20Africa%20Animated.xlsx
And start to enter the goals of the rest of matches.
Has anyone seen, or made, a Spreadsheet where you can record the scorers and see a 'top scorers' chart. Would be a nice enhancement
@Neil... checkout this one http://www.inflexionary.com/sports/world-cup-2010-excel
it uses macros to fetch scores from web (and provides very comprehensive analysis too)
@All.. Thanks for the comments. I have updated the post with few more links now.
Hi,
Check this dashboards too:
http://dashboards.org/world-cup-dashboards-and-visualizations/
😉
[...] Here is a collection of FIFA World Cup Spreadsheets if you are more in to that sort of thing. | [...]
[...] Cup fever is here!In FIFA Worldcup Excel Spreadsheets Roundup, Chandoo has some links to useful World Cup tracking workbooks. Only one of them (the first one) [...]
[...] World Cup fever is here!In FIFA Worldcup Excel Spreadsheets Roundup, Chandoo has some links to useful World Cup tracking workbooks. Only one of them (the first one) [...]
Hey, you missed ours! It has everything you need and more, but not a whole pile of silly extras (National Anthems, etc). I'll be making another one for the 2014 world cup. We had over 4000 hits on it!
@Michael Harwood.
Where is it then? You should have posted a link
Sie sollten an einem Wettbewerb teil zu nehmen für einen der besten Blogs im Web. Ich werde empfehlen Sie diese Seite!
Google translation: You should take part in a contest for one of the best blogs on the web. I will recommend this site!
[...] and welcome to the forum, Maybe these similar spreadsheets might give you a few initial ideas: FIFA Worldcup Excel Spreadsheets [Roundup] | Chandoo.org - Learn Microsoft Excel Online If you have specific areas / formulae / layout choices for parts of your spreadsheet that you are [...]
Calling all football fans around the globe! The biggest football festival will kick off on the 12th June 2014 and everyone is placing their bets of who will have the honour of lifting the golden trophy.
Use our free interactive Excel templatel to predict the World cup finalists ! No macros !
http://www.spreadsheet1.com/world-cup-2014-free-excel-prediction-template.html
I also made a Worldcup-tracker, with MS Access, which can also generate reports in Excel
e.g. a match-schedule with locations on y-axis and dates on x-axis, see:
http://worktimesheet2014.blogspot.com.es/2014/05/excel-with-match-schedule-for-2014-fifa.html
and:
http://worktimesheet2014.blogspot.com.es/2014/05/match-access-app-to-track-world-cup.html
where can i find raw data in excel file format of fifa world cups (1930-2014)
@Vivek
Have a read of: http://chandoo.org/forum/threads/goal-of-world-cup.17637/
The location is mentioned in Somendra's comments
Free XLSX Prediction Spreadsheet for World Cup 2018 Russia!
https://www.spreadsheet1.com/fifa-world-cup-2018-russia-free-prediction-templates-for-excel.html