What is ACCURACY?

The lack of error in accounting. All the values are deemed correct. The range of possible error in engineering. The amount of difference between predicted performance and actual performance. The closeness an instrument measures. Refer to precision.

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Related Legal Terms
RESIDUAL SUM OF SQUARES (RSS), PROBABLE RESERVES, TRACKING ERROR, ACCRUAL PRINCIPLE, MEASUREMENT ERROR, KEY PERFORMANCE INDICATORS (KPI), ERROR OF ORIGINAL ENTRY, GOOD OUTPUT, MEAN DEVIATION, PERCENTAGE OF COMPLETION METHOD


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