Error Rate: In many cases, it may be acceptable if an input device generates a certain number of errors. This is often referred to as the error rate and the acceptable level will vary according to the input device being used and the business application. Optical character recognition, for example, is generally considered a comparatively unreliable means of entering data. At present, a typical OCR software package will have an error rate of between five and ten per cent.

 

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Error Rate: In many cases, it may be acceptable if an input device generates a certain number of errors. This is often referred to as the error rate and the acceptable level will vary according to the i . . . View Full Definition

Periodic Rate: The monthly effective interest rate. For example, the periodic rate on a credit card with an 18% annual percentage rate is 1.5% per month.

Periodic Interest Rate: The periodic interest rate, sometimes called the nominal rate, is the interest rate a lender charges on the amount you borrow. Lenders are also required to tell you what a loan will actually . . . View Full Definition

Percent Error: The relative error times 100%.