Accuracy and Precision

Are accuracy and precision the same thing? They are certainly used interchangeably. Accuracy is telling the truth while precision is telling the same thing again and again.

Here’s something I created based on what I have been reading lately. If you are in the bottom left quadrant, you are inaccurate and imprecise in your work, your investments or in your life, you are basically wasting your time and resources. If you focus on one area or strength or specialization and shut everything else, you may move along arrow #1. This is a path of standardization of processes, doing one thing and doing it repeatedly. You’ll be quite predictable but if your area of specialization is not well chosen, you’ll be far away from winning big. Then a focus on the problem statements you’re trying to solve or the way you spend your time may lead you on path #3 and take you extremely close to the truth and quite predictably too. You get into the habit of winning and you win repeatedly.

On the other hand, if you want to escape wasteland by taking path #2, you would essentially continue to multitask and continue to be curious and exploring but with better tools, techniques and processes. Paths #2 and #3 are the avenues for invention and process improvements, of changing the game. paths #1 and #4 are about repeatability and efficiency.

If this is worth your time, do examine a topical issue that you may be mulling over using this lens – maybe it will be worth your time after all!