The residual and the model error are equivalent concepts.

Name: The residual and the model error are equivalent concepts.
Brand: Quizplus
Rating: 4.7 (37 reviews)

Question

Quizplus · Accepted Answer

The residual refers to the difference between the observed value and the value predicted by the model for a specific data point, while the model error refers to the discrepancy between the true data generating process and the model's representation of that process, which is not directly observable.

The Residual and the Model Error Are Equivalent Concepts