best way to define calculations in a database

I am designing a database where I can keep device readings from multiple devices in multiple locations. Each location can have more than one device, in which case the results may have to be combined. These calculations vary, so it is not always the same formula. I implemented a table for locations, one for devices, linked to location ID, and one for periodic measurement results, linked to device ID. For the calculated result, I was thinking to implement a table calculations, to define the calculated results for two devices, and to save the result in the same table as for the devices. Is this a good approach, or are there better ways to do this?