When figuring word count do you use the actual word count i.e. the number displayed at the bottom of Word. Or is there a formula used to derive the word count.
From what I gather, it's specifically how many words exist in the story and title. There is no formula, though some people may post blogs about some type of average based on 300 page novels, depending on font and size and spacing. Forget those things. Also, look at the submission requirements for places you are interested in. Typically, most ask for a rounding to the nearest 100, while some others ask for a specific count. At the top of my MS, I always put Approx. #### and round to the nearest 100.
In the days before word processors, word count would have been based on a formula. I seem to remember that when I learned to touch type there was a notional word length of seven characters per word, but as said, those ideas should now be discarded in favour of accurate word counts, rounded for neatness.
use the count shown by ms word... and round off to nearest hundred, if a short piece, to nearest five hundred/thousand, if a book... and place 'Approx. xx,xxx words' at the upper right margin of the first or cover page, across from the contact info block...