Better Average Method

Simon2001

New Member
Joined
Jun 28, 2019
Messages
18
Office Version
  1. 365
Platform
  1. Windows
Hi

My heads hurting! I want to measure an ongoing monthly average based on data. I have a sheet where I track number of reports and for each report, I have a risk score.

For each month, I can easily measure the average risk score for the month but because each month the sample size changes, the average can be skewed. For example, January had 50 reports with an average of 3.2 but February had an average of 4.6 but from only 10 reports. From a quick glance, the risk goes up, which is right but then its hard to compare to the past.

I want a better way to track average risk score that isn't unduly affected by the sample size change each month. I did think MEDIAN but cant figure out how to do with multiple criteria.

Make sense?

Thanks
 

Excel Facts

Ambidextrous Undo
Undo last command with Ctrl+Z or Alt+Backspace. If you use the Undo icon in the QAT, open the drop-down arrow to undo up to 100 steps.
You can do a weighted average. Put more weights on months that have more reports.
Book1
ABCD
1MonthNAvgWeighted Average
2Jan503.23.20
3Feb104.63.43
4Mar253.53.45
Sheet3
Cell Formulas
RangeFormula
D2:D4D2=SUM(C$2:C2*B$2:B2/SUM(B$2:B2))
 
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