I have a related issue. I teach an on-line introductory art history course with a pick-and-choose approach to assignments. Because of this structure there is no relative weighting of anything: each assignment is worth X number of points, period. The course contains 1300 points but I grade the course out of 1000 points.
The beauty of the points system is its utter transparency. And, as one of your other posters noted, I like the ability to easily add extra credit -- which I like to do during the semester to incentivize students to take advantage of relevant opportunities that arise only after the term is underway.
At the moment I have established a percentage-based grading scheme but as with the prior posters I find this awkward at best and potentially very confusing to students at worst. The need to convert to percentages and then to set percentage-based grades is very awkward: 1000 points is an A+ but it is only 78% of the total points available. I teach a lot of first-term (and first-gen) students and the last thing they need to see is an "F" staring them in the face for the first few months of the term--hence the impracticality of setting ungraded assignments to 0. Finally, I can't, as my students put it, "kick extra credit our way" once the semester is up and running because, frankly, I can't be recalibrating percentages every time there's a guest speaker in town.
Rather than a work around, I would like to ask that Canvas add a second type of grading scheme, one based on a total number of points.
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