What does 'precision' refer to in measurement?

Precision refers to the consistency of measurements when repeated under the same conditions. It embodies the ability to yield the same or very similar results each time a measurement is taken, regardless of whether those results are close to the true value. In essence, precision focuses on the reproducibility of results, indicating how closely multiple measurements align with each other.

This concept is crucial in fields that rely heavily on measurement, as high precision can signal reliability when assessing a measurement system's performance. It is important to note that precision does not necessarily correlate with accuracy, which involves how close a measurement is to the actual or true value. Therefore, option B accurately captures the definition of precision in measurement.