FinanceTier 915 minintermediate

Trimmed Mean Claim Settlement Time

Find a typical claim settlement time without letting one extreme outlier distort the average.

What you will learn

• Use TRIMMEAN to discard extreme values from both ends before averaging
• Explain why a plain AVERAGE gets pulled toward a genuine outlier
• Recognise when a "typical" figure calls for a trimmed mean rather than a plain one

Excel skills

TRIMMEAN · Statistical Functions

The task

Ten claims' settlement times are listed, including one claim that took far longer than the rest. Work out the typical settlement time in Summary!B3, trimming the most extreme results rather than averaging every one of them in.

You work in a real spreadsheet in your browser, and your answer is checked against hidden traps the moment you submit.

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