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ERROR

Statistics Directorate    
Definition:
The difference between the observed value of an index and its “true” value. Errors maybe random or systematic. Random errors are generally referred to as “errors”. Systematic errors are called “biases”.

Source Publication:
ILO, IMF, OECD, Eurostat, UNECE, World Bank, 2004, Producer Price Index Manual: Theory and Practice, International Monetary Fund, Washington DC.

Cross References:
Bias

Hyperlink:
http://www.imf.org/external/np/sta/tegppi/index.htm

Statistical Theme: Prices and purchasing power partities

Created on Monday, February 17, 2003

Last updated on Friday, July 08, 2005