I have a set of n numbers that I need to review and come up with the closet average. The set of numbers may or may not have a high standard deviation. Below is an example...
Set of numbers..
$0.6618
$0.6509
$0.6835
$0.9561
$15.4250 (should not be averaged, out of bounds)
$15.4400 (should not be averaged, out of bounds)
$4.7500 (should not be averaged, out of bounds)
$0.5948
$0.6485
$0.6856
A simple average of these numbers is \$4.0496
however my needs require me to remove the values that are way out of bounds.
Ideally my average would be around $0.6973
One solution is to use the median instead, which is resistant to outliers. For your data, the median is $0.6846.