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I think you need to ask the question..why do you want to employ such a system?
Are you trying to reward those that do well or penalize the ones that do poorly?
Like 33 said, are these people that aren't attending events doing so because they're taking 18 credits plus 3 labs? Are they working 30+ hours a week? Are they an athelete or musician anf have their fill of practices and reharsals? Or are they slacking off and playing Grand Theft Auto in their dorm instead of going to meetings?
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