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.

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.