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Both. You can be precise but inaccurate.
You need to measure both as they both contribute towards quality. Please refer the the below link for simple definitions & examples:
"Accuracy vs. Precision"
The answer is inside the defintion of what estimation is.See the theory and you will find the answer.
I don't measure either. They're measurement system attributes. They both have to be specified and in control before you start to measure something.
Accuracy is how close a measured value (sample) is to the actual (true) value.
Precision is how close the measured values (samples) are to each other.
If you want to verify how much your processes are effective you may use both "precision" and "accuracy". Outputs from a specific process are consistent but out of required target, you should adjust your process because it is considered as a relatively high precision but low accuracy. Things are not consistent and out of target, you may need to improve and adjust your process because they are considered as neither precision nor accuracy, which means root cause should be identified and actions should be taken to correct and prevent the problems in your process.
When you want to verify the correctness in your deliverables you should use "accuracy".
First you make sure your instrument is precise then ultimately it is accuracy that matters, how close is your reading to true value.
Dp you think that when performing estimation on all related to Project precision has sense?
Depending on the requirements of the project, you might have to measure both
Sorry, but precision has no sense in the field of project management. You have to take into account two things: 1-the definition of both terms from the field of mathematics and the theory of errors. 2-the hugh difference between measure over the product and measures over the project.
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