What is Precision?

An indication of the number of distinguishable valid alternatives presented by an instrument scale or readout for obtaining a measurement. The greater the number of (analog) graduations or (digital) significant figures, the higher the precision, provide that the subdivisions have been meticulously achieved. Precision and accuracy are independent, but interrelated characteristics. A high degree of precision implies a high degree of accuracy, but does not assure it. On the other hand, a high degree of accuracy requires a high degree of precision.