Speed and velocity is a scalar and vector quantity of a similar parameter, respectively. They both refer to how fast an object moves. However, the speed only has to do with the magnitude. The velocity takes into account the sign which indicates the direction of the movement. For example, the value is -5 m/s. The speed is 5 m/s, but the velocity is 5 m/s moving downwards because the negative sign denotes downward movement or movement to the left.