Error
Definition
In statistics, error refers to the difference between an observed or measured value and the true or actual value. It represents the amount of uncertainty or inaccuracy in a measurement.
Analogy
Imagine you are trying to hit a target with darts. The error would be the distance between where your dart actually lands and the bullseye. The smaller the error, the closer you are to hitting your target accurately.
Related terms
Bias: Bias refers to a consistent deviation from the true value in one direction. It can lead to systematic errors in data analysis.
Residuals: Residuals are the differences between observed values and predicted values in regression analysis. They represent individual errors for each data point.
Sampling Error: Sampling error occurs when a sample is used to estimate characteristics of a larger population. It is caused by random variation and can affect the accuracy of statistical inference.
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