Relative change measures the size of the absolute change in a value with respect to its initial value. It's a way to express the change as a fraction or percentage of the starting point, which provides a more meaningful context than the absolute change alone.
For example, a $10 price increase is significant for an item that originally cost $20 (a 50% increase), but it's much less significant for an item that cost $1,000 (a 1% increase). Relative change captures this context.
The formula for relative change is:
Relative Change = (Final Value - Initial Value) / Initial Value
To express this as a percentage, you multiply the result by 100.
Percent Change = [(Final Value - Initial Value) / Initial Value] * 100