Observational Error
Subject: Business Statistics | Topics:

This article actually describe on Observational Error, which is the difference between a measured value of quantity and its true value. In statistics, an error is not a “mistake”. Variability is an inherent part of things being measured and of the measurement process. Observational Error can also be divided into two components: random error and systematic error. It is also used sometimes to refer to response errors and some other types of non-sampling error.

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