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Error

Definition

In statistics, error refers to the discrepancy between an observed value and its true value. It represents any deviation from accuracy or correctness in measurement or estimation.

Analogy

Imagine you have a target set up for archery practice. Each time you shoot an arrow at the target, there might be some difference between where it actually lands and where you intended it to land. This difference is similar to error in statistics - it's how far off our observations may be from what they should ideally be.

Related terms

Margin of Error: Margin of error measures the amount of random sampling error present when estimating population parameters based on sample statistics.

Standard Error: Standard error measures how much variability exists among different samples taken from the same population.

Type I Error/Type II Error: Type I error occurs when we reject a true null hypothesis; Type II error occurs when we fail to reject a false null hypothesis.