What is ERROR TERM?

Definition given to an unresolvable difference between a model and the actual result used for the model. The differences typically occur due to external factors. The model is typically a statistical or mathematical model. Known also as residual or remainder term. See margin of error.

More On This Topic



Link to This Definition
Did you find this definition of ERROR TERM helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary