Statistics Dictionary

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Precision

Precision refers to how close estimates from different samples are to each other. For example, the standard error is a measure of precision. When the standard error is small, estimates from different samples will be close in value; and vice versa.

Precision is inversely related to standard error. When the standard error is small, sample estimates are more precise; when the standard error is large, sample estimates are less precise.

See also:   Tutorial: Survey Sampling