Accuracy vs. precision: what it means for your product decisions
What’s the difference between accuracy and precision? My Dad asked me this at the age of 10. I told him it was a stupid question. However, it’s increasingly important as we become inundated with data. There is a risk of PMs / orgs / companies over-utilizing a “data-driven” approach to the point where decision makers neglect pursuing step-function changing ideas because the “data doesn’t support it.” A healthy use of this data requires a keen understanding of when to ignore it. This is where precision vs. accuracy enters the picture.
Wikipedia nicely sums up the technical difference (I added some formatting for emphasis):
Accuracy of a measurement system is the degree of closeness of measurements of a quantity to that quantity’s actual (true) value. The precision of a measurement system, also called reproducibility or repeatability, is the degree to which repeated measurements under
Continue reading →