Errors vs. Residuals

I know, for many of us, when we first encounter these two terms it is a bit hard to understand the difference, especially because sometimes both unobserved errors, but also residuals are simply called “errors”.

Therefore, a statistical error (also called disturbance) of an observed value is the deviation from the true (unobservable) value of a quantity of interest (i.e. a population mean).

Residual (fitting deviation) is an observable estimate of the unobservable statistical error, English speaking residual is the difference between the observed value and the estimated value of the quantity of interest.

Acknowledgments:

Wiki

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