key term - Absolute Error

Definition

Absolute error measures the difference between an estimated value and its corresponding true value without considering directionality. It gives the magnitude of the discrepancy between the two values.

Related terms

Relative Error: Relative error compares the absolute error to the true value, giving a measure of how large the error is relative to the size of the true value.

Mean Absolute Error: Mean absolute error calculates the average absolute difference between estimated and true values over multiple data points.

Percent Error: Percent error expresses the absolute error as a percentage of the true value, providing a standardized way to compare errors across different scales.