Yup.
EG: let's say you drive a 11 mile verified route (checked with GPS, or one of the other methods Niel mentioned). If the SG says you went 10 miles, you now have to change the SG's "Speed" value to match reality.
You need to increase it, so you know you're dealing with a positive calibration.
There's a 1 mile difference between reality and the SG.
1 actual mile / 10 indicated miles = 10% difference
So you'd enter +10% as the Speed correction.
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I had to adjust the Speed value in my
"Winter beater" '07 Civic because I increased the tire size (to increase gearing). That caused the car's speedometer/odo to read lower than actual, so now I'm running a +6% adjustment in the SG.