Precision refers to the the level of measurement and exactness of a measurement. The mean diference between '<em>precision</em>' and '<em>exactness</em>' is that if a measuring device gives consisten measurements it's considered precise, but it's not necessarily accurate.
For example, a measurement of 2.365m is more precise than a measurement of 2.3m, given that 2.365m has more significant figures and was made with an instrument that has higher precision. This doesn't mean that the measurement is accurate, the real value could be 3m for example! ✅
The 95% is confidence interval its not a probability estimate. The probability will be different from the confidence interval. Confidence interval is about the population mean and is not calculated based on sample mean. Every confidence interval contains the sample mean. There is 95% confidence that the number of televisions per American household is between 1.15 to 4.20.
