If your question is in economics, try there.
If your desired True Value is in measurements, then ASTM and similar folk have useful definitions.
The True Value of a measurement is the value to which many individual measurements taken by different methods and different experimenters tend.
They go on to define Repeatability as the closeness of repeated measurements using the same apparatus etc.
And the Reproducibility is the closeness of results achieved by different measurements with different apparatus.
Absolutely True
true value is something that is true and experimental value is some thing that has been experimental with
The exactness of a measurement is referred to as "precision." Precision indicates how consistently measurements can be repeated and how closely they cluster together, regardless of whether they are close to the true value. In contrast, "accuracy" refers to how close a measurement is to the actual or true value. Together, precision and accuracy are key concepts in evaluating the quality of measurements.
True Value was created in 1948.
It is 100*(Measured Value - True Value)/True Value.
yes its true
yes it is true
It is 100*(Calculated Value - True Value)/True Value
Given a true value and the measured value,the error is measured value - true value;the relative error is (measured value - true value)/true value, andthe percentage error is 100*relative error.
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true
A percentage error for a measurement is 100*(True Value - Measured Value)/True Value.