Canvas organizes all graded student work into Assignment Groups. Your course may already have some default groups like Assignments, Discussions, Quizzes; and you can create new groups to fit your grading style and requirements. Assignment Groups can then be weighted with a percentage to calculate the final grade.
Weighting is done in the Assignments page rather than in the Gradebook.
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You can drop a specified number of lowest or highest scores from an Assignment group. Note: when dropping grades, a student needs at least two submissions in an Assignment group before any grade will be dropped.