accuracy
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The formula of percent error ispercent error= Your value/accepted value x 100------------The definition of error is: difference between the accepted true value and the measured value of a quantity or parameter. But this is the absolute error.The relative (percent error) is:(measured value - accepted true value) . 100/accepted true valueThis value is exprssed as a percentage - %.
Approximation
Precision and accuracy are two ways that scientists think about error. Accuracy refers to how close a measurement is to the true or accepted value. Precision refers to how close measurements of the same item are to each other. Precision is independent of accuracy.
Deviation of the measured value from the true value of the variable being measured
A nominal variable is a variable measured in current dollars (the value of the dollar for the specific period discussed), and a real variable is a variable measured in constant dollars (the value of the dollar for the base period). That is, a real variable adjusts for the effects of inflation.