What is the difference between a residual and an error?
Not sure how in-depth of an answer you require, but Wikipedia has an article that adequately answers your question: http://http://en.wikipedia.org/wiki/..._in_statistics. Is there a specific part you do not understand?
The Wikipedia article states that “A statistical error is the amount by which an observation differs from its expected value”. Agree with me if I say this is the same as saying, a statistical error is the deviation between an observation and the fitting line per theory of a regression line (A fitting line steams from a linear conjunction of expected values. If a statistical error is the amount by which an observation differs from its expected value, what is the deviation between the observation and the mean for the entire data(y bar)?
I know that it is the total variation but is it ok to also call it a statistical error?
NB: I am not sure I used a statistically sound phrase by saying a “linear conjunction of expected values”.