- Observed Value
- Observed value is the value you derived from statistical or mathematical calculation, or simply from observation.
- True Value
- Insert the value of your calculation problem that is already given or historically proven as the correct value.
- Percent Error
- The percent error is calculated using the following formula:
(True Value – Observed Value) / True Value| X 100 This formula is only applicable when the true value for any given problem is known. If the true value is not certain, you will have to use Standard Deviation to find out the error in your calculation.