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Precision

Definition: A quality associated with the spread of data obtained in repetitions of an experiment as measured by variance; the lower the variance, the higher the precision. The precision of an estimator is measured by its standard error, and in general this may be decreased and precision increased by taking additional observations.
Source: he Penguin Dictionary of Mathematics. London: Penguin, 2008. Credo Reference. Web. 07 August 2012.
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