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National Institute of Standards and Technology (NIST)
NIST is the government agency that sets and maintains standards for measurements in the US. A standard is essentially the reference against which measuring devices are calibrated.
Think of your ruler or tape measure. How long is the space between each tic mark? Without a single definitive source, each manufacturer of tape measures would have to guess. They would likely be close, but there would be no way to know for certain that the dimensions were actually the same, on paper. Company “A” might measure something as 1.567 inches using its system. Company “B”, using its own standard, might measure it at 1.571. For most applications, that minute difference would not matter. With extremely big or extremely small dimensions, though, the difference could be relevant.
Some standards, such as length or weight are arbitrary. Others, such as voltage, are physical properties, but can be very hard to determine accurately. NIST manages both types of standards.
The value of having standards is obvious, but its importance to any continuous improvement effort cannot be overstated. It would be virtually impossible for companies to work together effectively to create high quality products if they were not even using the same measuring system. The degree of precision required in modern manufacturing and technology would not function if voltage settings or dimensions were even slightly off.