Meaning of precision
Precision means more specificity with respect to the quantity being estimated or quantified. In essence, it is specification of the quantity to more digits. It is distinguished in practice from accuracy (with which it is often confused). Accuracy is taken to mean specification of the quantity closer to its true value. In statistics, unbiased maximum likelihood estimators are considered to satisfy the requirements of accuracy. While it is often held that precision is unhelpful, it can be desirable to report exact values in order to preserve easy identification with the source that produced the quantity.
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