Typing speed is referred to as words per minute. The words per minute, or WPM, is calculated differently depending on whether one interested in gross WPM or net WPM.
The formula used for calculating gross words per minute, or WPM, is: all typed entries over five, divided by the time it took to type in minutes. The typed entries are divided by five because a word is assumed to be composed of any five characters. For example, the sentence "John is typing on the keyboard now," is calculated as seven words, because the total number of characters is 35, which when divided by five is seven.
The net WPM is preferred over the gross WPM as it takes typing errors into account. The formula for calculating net WPM is: gross WPM, minus uncorrected errors, over time taken in minutes. Another interpretation of this formula is all typed entries over five minus uncorrected errors, all over the time taken to type in minutes. Apart from being a measure of speed, the net WPM is also a measure of productivity because the error rate plays a part in its calculation. Accuracy is the ratio of correct entries to all the typed entries.