To begin with, a few terms I made up need explaining:
- the standard batting average (runs divided by times out).
- runs scored divided by innings batted, hence removing the not-outs.
100s per innings
- the number of hundreds scored divided by innings batted.
50s per innings
- the number of fifties scored divided by innings batted.
The sum of the raw average multiplied by four and the regular average multiplied by one is divided by five to give the weighted average
(raw*4 + reg)/5
The 100s per innings (100/I)
is multiplied by 450, to give the weighted 100/I.
The 50s per innings (50/I)
is multiplied by 150 to give the weighted 50/I.
Matches played is also factored into the formula to reduce the anomalies caused by players with short careers (e.g. Pietersen, Dhoni).
Strike rate (SR) is divided by two to give the weighted SR
The TBV is composed as follows:
0.65 - weighted average
0.20 - weighted SR
0.09 - weighted 100/I
0.04 - weighted 50/I
0.02 - matches played
The entire formula is therefore:
(0.65*weighted average)+(0.20*weighted SR)+(0.09*weighted 100/I)+(0.04*weighted 50/I)+(0.02*matches played).