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A percentage error for a measurement is 100*(True Value - Measured Value)/True Value.
This is the accuracy of a value.
''Accuracy is the degree of closeness to true value. Precision is the degree to which an instrument or process will repeat the same value. In other words, accuracy is the degree of veracity while precision is the degree of reproducibility.
The term is accuracy
This value is variable and different for each type of measurement. The error can be absolute or relative. A measurement without any error doesn't exist.
Approximation
accuracy; reliability.
In a scientific measurement, accuracy refers to the closeness of your measurement to the 'true value'. The true value is the result to which a large number of independent experiments, carefully conducted, tends.
I do not really know what you are trying to establish. Perhaps the answer is 'The degree of accuracy'. Hope that helps.
It's signature figures
The closeness to the actual value is called the accuracy. The reproducibility of the measurement is call the precision.
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.
A percentage error for a measurement is 100*(True Value - Measured Value)/True Value.
Accuracy
The answers to this question are not exact, but are real and proper.The True Value of a measurement is the value to which a large number of observations; by different observers and different methods; tend.Accuracy is the closeness to which this measurement comes to the true value.Sensitivity of measurement is the finest discrimination it can measure. But sensitive measurements are often 'noisy' = erratic.Resolution is the number of digits in the result. Often quite a spurious representation of the True Value, and often mistaken for accuracy.Consider for example the height of Mt Everest. Or your own weight.The ASTM (in USA) and the various Standards Organizations will have very similar definitions.
This is the accuracy of a value.
accuracy