What is the difference between these in terms of accuracy and precision?

 

 

Accuracy:

 

The "closeness of the measured cost to its reference price" is referred to as time period accuracy.

 

 Or

 

Accuracy is a characteristic of a measuring device that indicates the distinction between the measured quantity and its absolute standard or price.

 

 

Precision:

 

For an equal object or for equal reference factors, the closeness of the measured values is known as precision. Closer values of a measured amount method with greater precision and the distinction between obtained readings imply that the measuring method has much less precision. So, to put it another way, precision is the exactness of measured values at every difference. 

 

 

The difference between both accuracy and precision is shown in Table:

 

 

Precision	Accuracy
Degree of closeness of measured values to each other.	Degree of closeness of measured value to its reference value.
Describes measured values exactness.	Describes systemic and random errors.
Shows variation in measurements when you measure same object or part.	Shows difference between measured value and true value.
Indicates measuring instruments reliability also.	Indicates how correct measuring process is.

 

 

 

The difference between precision and accuracy is depicted graphically in the preceding figure. The yellow portion of the graph shows values nearer to each other, which means it has more precision, and in the orange portion, values are closer to the reference value, so it has more accuracy.