What is a Residual in Stats?
What is a Residual in Stats?
A Residual is a deviation from the sample mean. Errors, like other population parameters (e.g. a population mean), are usually theoretical. Residuals, like other sample statistics (e.g. a sample mean), are measured values from a sample
When statistically accounting for the volume of production, there are three main methods of measuring it: in natural, conditional-in-kind and cost indicators.
At the micro level, the main method of accounting for products is their accounting for individual types in physical terms (units, m, kg, t, km, etc.). In physical terms, products are taken into account as a result of the production activity of the enterprise, for which units of measurement are used that correspond to the physical properties of the measured product. Industrial production indicators in physical terms characterize industrial production as a set of consumer values. This is the main method of accounting for products, which makes it possible to determine the volume of a certain consumer value; it is needed to manage proportions in the economy, to compile balances of the most important types of industrial products, balances of fixed assets, etc.
For the correct organization of statistics on products in physical terms, a certain range (list) of products, which are taken into account in physical terms, obligatory for all enterprises, is required. At the industrial enterprises themselves, accounting is carried out in kind (by weighing, counting, measuring, etc.) of all manufactured products and semi-finished products. The industrial enterprise reports on the production of all products in total in value terms and for some types of products in physical terms.
Throughout the national economy, the production of only the most important products and semi-finished products (electricity, oil, coal, cast iron, steel, rolled metal, cars, etc.) is taken into account in physical terms.