What is the difference between precision and accuracy?

Precision refers to the consistency of measurements. When a set of measurements yields similar results repeatedly, it is considered precise. In contrast, accuracy measures how close those measurements are to the true or actual value. For example, hitting the bullseye on a target would represent high accuracy, while consistently hitting the same spot, even if it's off the bullseye, exemplifies high precision. Understanding the distinction between these terms is crucial in machining and quality control because it ensures that not only are the measurements consistent but they also reflect the desired specifications. Thus, achieving both precision and accuracy is essential for producing high-quality components.