Accuracy and Precision
Accuracy defines the closeness of a measured value to a standard or known value.
Precision defined the closeness of two or more measurements to each other.
Accuracy is an interesting term in project management. It refers to the measurement of values that are near to the intended target. In simple words, it’s an evaluation of correctness. If the measurements come out to be accurate, this means the values are close to the target.
Accuracy is commonly mistaken for precision. While accuracy is being adjacent to the target value, precision is explained as the values of a specific repeated measurement that is a collection but not essentially close to the target value.
If there is a small amount of scattering with the value, it is deliberated precise even if the values are far away from the intended target. Though accurate data can be precise, it doesn’t mean a similar thing or the other way around. In project management, accuracy is a crucial and desirable factor particularly in managing unbiased information.
For instance, in quality control review, accuracy is very crucial since it specifies that the deliverables have a suitable quality and they are close to the anticipated target value. For that reason, they come with good quality.
As mentioned above, accuracy is defined as the closeness of the measured value to a known standard but precision refers to the measure of exactness that is used in implementing processes and project practices.
Precision is an imperative measurement irrespective of the size of the organization. Businesses that are involved in various project management processes, precision make sure that every protocol is being followed.
In fact, a minor mathematical error often results in many problems and therefore precision is a goal for most organizations to achieve. Though, the tasks, procedures, and activities should be evaluated to attain such measurement.