I must admit I tend to use the terms interchangably but I'd like to finally establish a more sound definition.

In mathematical terms it's rather straightforward, you can be precise without being accurate. Ie. 3.1612 is a more precise representation of pi than 3.14 but it's not a more accurate one. But you can't be accurate without being precise.

How do you apply this logic to everyday situations?

In mathematical terms it's rather straightforward, you can be precise without being accurate. Ie. 3.1612 is a more precise representation of pi than 3.14 but it's not a more accurate one. But you can't be accurate without being precise.

How do you apply this logic to everyday situations?

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