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Absolute and Relative Difference
Grade Level
GMAT
DI.053 Absolute and Relative Difference
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A capital budget estimate was $1.08 million, while the actual spend was $0.90 million. The audit asks for the estimate's relative error. Which comparison is correct?
A
Use an absolute gap of $0.18 million only.
B
Use a ratio of 1.08 to 0.90, or 1.20 to 1.
C
Use a percentage gap of 16.7% relative to the estimate.
D
Use relative error:
E
1.08 - 0.90
F
/ 0.90 = 20%.
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