A weighted prediction module includes a weighted prediction parameter generation module configured to generate a plurality of initial weighted prediction parameters, to analyze the plurality of initial weighted prediction parameters, and to generate a refinement flag that indicates one of: enable parameter refinement and disable parameter refinement. A weighted prediction parameter refinement module is configured to generate a plurality of refined weighted prediction parameters by refining the plurality of initial weighted prediction parameters, when the refinement flag indicates that the parameter refinement is enabled. A weighted prediction flag generation module is configured to generate a weighted prediction flag that indicates one of: enable weighted prediction and disable weighted prediction, based on the refinement flag.