Absolute error shows how far a measurement is from the true value, essential for accuracy in science, engineering, and daily life.

Relative standard error (RSE) is a statistical measure that expresses the standard error of an estimate as a percentage of the estimate itself.

Expressed as a percentage, relative error takes the price of the investment (or other quantity) into consideration when expressing the difference between a forecasted value and actual value.

Absolute error The numerical difference between a forecasted quantity and the actual result is known as absolute error.