==Probability of error in statistical modelling and econometrics==
ManyThe fitting of many [[Mathematical model|models]] in statistics and [[econometrics]] will usually seekseeks to minimise the difference between observed and predicted or theoretical values. This difference is known as an ''error'', though when observed it would be better described as a ''[[Errors and residuals in statistics|residual]]''.
The error is taken to be a [[random variable]] and as such has a [[probability distribution]].
