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— The extent to which errors due to the play of chance on the results of a study are likely to have occurred

Full explanation:

The precision of an effect estimate is a quantification of the uncertainty due to the play of chance around the effect estimate.

It is usually expressed as a 95% confidence interval. An effect estimate can be precise (i.e. have a narrow confidence interval) but biased (i.e. distorted away from the actual effect because of systematic errors).

Conversely, an effect estimate can be unbiased, but imprecise.

See also:

imprecision  ·  bias

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