Weighted Average Explanation and Example

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Material Information

Title:
Weighted Average Explanation and Example
Series Title:
ARL-ACRL Human Resources Symposium
Physical Description:
Handout
Language:
English
Creator:
Keith, Brian W.
Publisher:
George A. Smathers Libraries, University of Florida
Place of Publication:
Gainesville, FL

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Applicable rights reserved.
System ID:
AA00013202:00004


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Full Text

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Methods for Establishing and Maintaining an Equitable Salary Structure ADDENDUM Weighted Averages

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A Refresher on Weighted Average A weighted average differs from a regular average because its calculation is affected by volume Allows the calculation of the aggregated average for sets of figures Salary Systems Faculty

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Weighted Average Example of Application: What is the average salary for a Chemistry Librarian? Salary Systems Faculty

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What is the average salary for a Chemistry Librarian? Salary Systems Faculty Years of Experience Chemistry Librarians Average Salary 0 5 2 $50,000 6 10 14 $60,000 11 15 1 $70,000

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What is the average salary for a Chemistry Librarian? Salary Systems Faculty Years of Experience Chemistry Librarians Average Salary Total Salaries 0 5 2 $50,000 $100,000 6 10 14 $60,000 $840,000 11 15 1 $70,000 $70,000

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What is the average salary for a Chemistry Librarian? Salary Systems Faculty Years of Experience Chemistry Librarians Average Salary Total Salaries 0 5 2 $50,000 $100,000 6 10 14 $60,000 $840,000 11 15 1 $70,000 $70,000 Years of Experience Chemistry Librarians Average Salary Total Salaries 0 5 2 $50,000 $100,000 6 10 14 $60,000 $840,000 11 15 1 $70,000 $70,000 total 17 total $1,010,000

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What is the average salary for a Chemistry Librarian? Salary Systems Faculty Years of Experience Chemistry Librarians Average Salary Total Salaries 0 5 2 $50,000 $100,000 6 10 14 $60,000 $840,000 11 15 1 $70,000 $70,000 total 17 total $1,010,000 Weighted Average = Total Salaries / total Librarians or $1,010,000 / 17 or $59,412

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Invitation: For further discussion, please contact me at bwkeith@ufl.edu or 352 273 2600