Although speed and velocity are often words used interchangeably, in physics, they are distinct concepts. Speed is calculated by dividing the distance traveled by time. It does not have direction. Average velocity is the displacement (change in position) divided by time.
What is the formula for speed or velocity?
Displacement and velocity, on the other hand, are vector quantities, as they are fully described by both magnitude and direction. Velocity can be thought of as speed with direction. The formula for speed is change in distance divided by change in time.