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Accuracy in a general way refers to how close the measured values are to the actual correct value. but in business context having very accurate debt forecast would mean that your forecast are close to the correct value. thus precision refers to how close measured values are to other.
it refers to how close or exact the actual information is to what you find in research.
Accuracy in simple terms means correctness. An accurate data means a data without any mistakes/ omission or errors.
We need to go a step ahead when we do ‘research’.
In research terms, I would say that it is important that the data is relevant too. To give you an example, suppose I am doing a research on ‘how my new product – a new umbrella- for sun protection- would perform in a particular market’. My research team went on field and found out what is the sales growth in a particular area, how many households are there and how is the economy of that area. Perfect. But is it sufficient?
The answer is ‘No’, to be more accurate on research, I need to know what the ‘woman’ population in that area is (because umbrellas are more popular with women in summer than in men). Secondly, is that a working population? (Because a woman sitting at home would not be using the umbrella often. She would rather prefer sitting at home when it’s so sunny.) Third point to check on is whether the data collected in primary data or secondary and if it is secondary (which is a possibility in most of the cases), how reliable that source is.
So when my data fulfils all of the criteria above, then only I can say that my research team has brought me accurate data based on which I can forecast my sales.
Hope this answer helps you.
Thanks.
According to my understanding, Accuracy means a degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.
Accuracy is research refers to the outcome of a reserach is accurate employing correct research methods. It gives us true value and precison as it correctly done employing suitable criteria.
