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I would like to know how I can calculate a trimmed average (or trimmed mean) on Alteryx. A trimmed average is an average of numbers without taking in account the extremely high or extremely low values.
As far as I'm aware, there isn't one specific tool that can be used to achieve this. However, using a combination of tools we certainly would be able to do so.
When you are currently using the Trimmed Average, how are you determining which values are extremely high/low? Is there a specific formula in place to determine this? Or is it removing X% of the largest and smallest values?
Like @wdavis mentioned, it depends on how you determine outliers
Here's one way you could go about it
I start by calculating the average and stdev of the input data. The formula tool sets an upper and lower bound of AVG +/- 4 stdevs. These bounds are appended to the input data and the filter removes any values that fall outside the limits. Find the average of what remains.
No matter how you calculate the bounds of what is "valid" data, you can use a similar technique to trim the outliers