Calculating Accuracy % of Inventory with 5 Boxes of Tools

[apostolis22]

I have 5 boxes with tools. I made an inventory of the number of the tools that exist in the boxes. I have the results of the inventory but I didnt count the correct number of the tools that were existed in the boxes.

the actual number of the tools is:

box 1 = 5 tools
box 2 = 4 tools
box 3 = 8 tools
box 4 = 9 tools
box 5 = 7 tools

the inventory is :

box 1 = 6 tools
box 2 = 7 tools
box 3 = 6 tools
box 4 = 8 tools
box 5 = 8 tools

How can I calculate the accuracy % of the inventory referred to the actual number of the tools (per box and summary number) ?

Thank you!

 

[haruspex]

There is no standard way to define accuracy on a 0 to 100% scale in such a situation. You could try making up your own definition. There are certain axioms you need it to satisfy. if you think of it as a proximity measure in a some kind of vector space, you could start with a metric, d(x,y), satisfying the usual axioms for those, then convert it to a proximity measure p, e.g. p = exp(-d)*100%

 

[apostolis22]

I quite understood what you ment . I want to calculate the accuracy of the inventory in excel. Could you make an a example of this please? :)

 

[haruspex]

You could take the metric (d) as sum of squares of differences, or the square root of that. But you might feel you want to normalise it in relation to the magnitude of the correct values, e.g. (4, 6) is the same distance from a correct answer of (2, 8) as (2, 3) would be from a correct answer of (1, 4). To achieve that, divide the root sum square of the difference by the standard deviation of the target vector elements.
Then convert to an accuracy measure by any monotonic function that maps 0 to 100% and infinity to 0, e.g. Exp(-d).

 

[CellCoree]

To calculate the accuracy percentage of the inventory, you will need to compare the actual number of tools in each box to the number of tools recorded in the inventory. The formula for accuracy percentage is (number of correct items / total number of items) x 100. In this case, the correct number of tools in each box would be the numbers provided in the first list, and the total number of items would be the sum of all the tools in the five boxes (33 tools).

Using this formula, we can calculate the accuracy percentage for each box:

Box 1: (5/6) x 100 = 83.33%
Box 2: (4/7) x 100 = 57.14%
Box 3: (8/6) x 100 = 133.33%
Box 4: (9/8) x 100 = 112.5%
Box 5: (7/8) x 100 = 87.5%

To calculate the overall accuracy percentage for all five boxes, we can use the same formula but with the total number of correct tools (33) and the total number of items recorded in the inventory (35):

Overall Accuracy: (33/35) x 100 = 94.29%

This means that the inventory is about 94.29% accurate compared to the actual number of tools in the boxes. It is important to note that this accuracy percentage may vary depending on the margin of error or any discrepancies in the inventory process. To improve accuracy, it is recommended to double-check the inventory and ensure that all tools are properly counted.