Percent Error Formula

Percent Error Formula (Table of Contents)

• What is the Percent Error Formula?
• Examples

What is Percent Error Formula?

In Science-related matters, the concept of percentage error formula is used often wherein the variance between the experimental value and the exact value is to be determined. This calculation will help us in comparing a value that is derived from the experiment with exact or true value. The percentage error also provides information as to how close is one in their measurement or their estimation to the true or the real value.

Below is the percent Error formula:

Steps to Calculate Percent Error

The formula for Percent error one can follow the below steps:

Step 1: First one needs to obtain the experiment (assumed) value and the exact value.

Step 2: Find the variance between them and then take the absolute value that is one needs to ignore any negative sign if any. This is known as the error.

Step 3: Next, find out the absolute value of exact or true value.

Step 4: Divide the absolute error (non-negative) which was determined in step 2, by absolute true value or the exact value.

 Step 5: Now, finally multiply the result that is obtained in step 4 by 100 so that the result is converted into percent value and then add a “%” symbol to the result.

Examples of Percent Error Formula (with Excel Template)

Let’s see some simple to advanced examples of Percent Error Formula to understand it better.

Percent Error Formula – Example #1

New tourist place statue of unity was established recently in Gujarat in India and it was estimated that around 3,00,000 people would turn around on its inauguration day. But the exact number of people that came for its inauguration was around 2,88,000. You are required to calculate the percentage error.
Below is given data for calculation of Percent Error

Therefore, calculation of the Percent Error will be as follows,

=(300000-288000)/288000*100

Percent Error will be –

Percentage Error= 4.17%

Percent Error Formula – Example #2

Avenue Supermarket a retail company operating under name “Dmart” is an expansion phase and the company plans to open new branches in new cities. At the start of the financial year, the company planned and estimated to open 24 branches, however by the end of the year the company opened only 21 stores. The company has approached you to calculate percentage error that they made during initial planning.

Below is given data for calculation of Percent Error

Therefore, calculation of the Percent Error will be as follows,

=(24-21)/21*100

Percent Error will be –

Percentage Error= 14.29%

Percent Error Formula – Example #3

As per a poll that was conducted by news channel during an election campaign where they estimated for XYZ party to win 278 seats out of 350 seats. After the results came out it turned out that XYZ party managed to win 299 seats out of 350 seats. The News channel is perplexed by the actual outcome and now wants to know what margin error they made and how much they lagged. Calculate the percentage error.

Below is given data for calculation of Percent Error

Therefore, calculation of the Percent Error will be as follows,

Percent Error will be –

Percentage Error=-7.02%

This has been a guide to Percent Error Formula. Here we discuss how to calculate Percent Error in excel with examples and downloadable excel template. You can learn more about financing from the following articles –

• Margin of Error Formula
• Square Root in Excel
• Integer Excel Function
• SIGN Function in Excel
• RANK Function in Excel