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3 Answers

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1. Dynamic error: It is the difference between the true value of the quantity (under measurement) changing with time and the value indicated by the measurement system if no static error is assumed. 

2. Settling time: It is the time required for the output of any system to reach and stay within a specified tolerance band.
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i)Dynamic Error: It is the difference between true values of quantity changing with time and the value indicated by the measurement system if no static error. 

ii) Tolerance : Ability of an item or system to withstand high levels of stress or overloading without suffering irreparable harm. 

OR 

Allowable departure from a specification or standard, considered non-harmful to the functioning of a part, process, or product over its life cycle. 

OR 

The difference between standard instrument reading and measuring instrument reading is known as error and if this error is permissible then it is called as tolerance 

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Settling time 

Settling time is the time taken by a system to be within a close range of its steadystate value. If it is an indicating instrument, one may be interested in knowing the time taken by the pointer to reach a value within ±1% of the final indication and this time interval is reckoned as its settling time. A smaller settling time indicates higher speed of response. Settling time is also dependent on the parameters of the system and varies with the conditions under which the system operates. The settling time of second-order instruments is affected by the degree of damping provided for the instrument.

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