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how do i calculate the Absolute Error(error/actual sales)?

how do i calculate the Absolute Error(error/actual sales)?

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Answer #1

Firstly we will under the term Absolute Error. It means error which is in terms of value from the actual Value/sale. Formula for Calculating:

Absolute Error = Measured Value - Actual Value

Where Actual Value Depict the actual Sale which will either given to you or it can be the standard Accepted value. Where as Measured Value means the Bugdet Value or the value which is early predicted/projected by us.

If we want want that error in relative terms we can divide the Value of error by actual value and the multiple it by Hundred. This will give the Error of percentage from actual sale.

Hope this meets your purpose. And feel free to ask any of your doubts.

Thanks

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