Percentage Of Errors

[misskaraleah]

Hey guys.

Tomorrow i have my CORE computer based SAC  and one of the questions on the sheet asks to comment on the Percentage of Errors obtained through predicted values. (Residuals on linear graph)

The Formula to find this is Residual / Actual Value * 100= % of errors.

Yet i dont understand the purpose of finding the percentage of errors for the predicted values.

Can someone help who is doing a computer based CORE sac on excell, or if you know anything about percentage errors of predicted values??

Much appreciated

[costargh]

We had the error rate on our sac. I didn't do the question well because my calculator stuffed up but from what I understand you find the error rate between the actual and the predicted because it allows you to observe how accurate your regression line is and the strength of your data. =S

[misskaraleah]

Thanks so much for that, hey did you still have those legal notes about the const? i'll PM you with my MSN so you can send them to me, if thats ok with you still....?

[droodles]

i did the CORE SAC and we had to to percentage error as well, basically percentage error = residual error, where you use the residual formula (actual-predicted) and take that residual margin and divide it over the actual and multiply it by 100