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The precision of anything can be measured using a suitably accurate measuring device appropriate to the task. For instance a one metre measuring rod may be accurately measured as being 995mm by a suitably accurate measuring device. The rod will always give a precise measurement, if external infuences do not change, e.g. temperature. It will never be one meter, but will constantly be 995mm. This is precision. If what you are trying to measure is one metre, to an accuracy of 0.01%, then this rod does not meet your needs. Precision is also known as repeatability. Accuracy is the closeness of the indication to the true (real) result.
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