Precision (1 - Recording Accuracy)
The degree of accuracy with which data values are recorded or classified.
- •Data recorded with sufficient detail and exactness to meet business or analytical requirements.
- •Accurate calculations and measurements based on precisely captured values.
- •Improved ability to distinguish between small but significant variations in data.
- •Better fit for applications requiring high levels of detail (e.g., scientific research, engineering design).
- •Loss of information if data is recorded with insufficient precision (e.g., rounding errors obscuring true values).
- •Inaccurate calculations or analysis if measurements are too coarse.
- •Inability to detect subtle changes or make fine distinctions in data.
- •Unsuitability of data for tasks requiring high precision.
Depends on data or metadata
Logistics: Measuring vessel draft to the nearest centimeter, providing the necessary precision for safe navigation and berth planning.
Manufacturing: Using calibrated instruments to measure product weights to the nearest gram, as required by quality control standards.
Finance: Recording financial transactions with precision to the smallest currency unit (e.g., cents, pence) as defined by accounting standards.
Logistics: Recording container temperatures only to the nearest 5 degrees Celsius when the cargo requires monitoring to +/- 0.5 degrees.
Manufacturing: Measuring component dimensions only to the nearest millimeter when engineering tolerances require micron-level precision.
Finance: Rounding all currency transactions to the nearest dollar when cents are significant for accounting.
Latitude/Longitude Precision Standard improves 41
Price Precision Standard (2 Decimal Places) improves 41
Temperature Range Validation improves 41
Numeric Precision for Measurements improves 41