Error is the difference between the observed value in a sample/subject and the true value in the population (which is actually not known).
whereas Residual is the difference between the observed value and the predicted (or estimated value) from our regression equations.
So, even they may sound quite similar but are actually quite different. In regression, we have to be very careful about the residual diagnostics. They are very vital.
whereas Residual is the difference between the observed value and the predicted (or estimated value) from our regression equations.
So, even they may sound quite similar but are actually quite different. In regression, we have to be very careful about the residual diagnostics. They are very vital.