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Of course we could simply graph the point (1.26 m, 4.2 s), which represents our best estimate for the point, but actually what we have is not a point! The position could reasonably be anywhere between 1.22 m and 1.30 m, and the time could reasonably be anywhere between 4.0 s and 4.4 s. Your "data point" is actually a "data rectangle"!
Instead of indicating the precision of a data point using a
rectangle, it is common practice to use "error bars" to indicate
precision. (I suppose coloring in all those big rectangles doesn't
seem like a good use of time to physicists, and it would certainly
get confusing with closely-packed points!) Error bars are simple to
draw, and most software packages designed for scientific graphing,
such as Graphical
AnalysisTM and Science
WorkshopTM, will do them for you quite easily.