Let's hope you aren't en engineer.
The timing technology is as accurate to as many significant figures as you want to have on your published results. So the timing precision isn't limited by the equipment, it is limited by the methods of finishline determination. The clock starts at exactly the same time that the gun is fired. The clock stops when the runners torso crosses the line, and that precise moment is determined by a examination of the finishline photos.
The conventions used for examining photo timing are accurate down to 3 significant figures, however, we only report two.
Tracks are either certified or they are not. The path that a runner takes during the course of competition, and the actual distance that he or she actually runs is irrelevant, and has nothing to do with the accuracy of the timing devices and the conventions for reporting the times.
With that said, reporting races down to two significant that are not photo-examined (Xc races) is stepping outside the boundaries of precision. In those instances, the precision is limited by the methods of time-determination, whether it be human, or chip. It should be obvious that a chip affixed to someone's shoes does not determine when their torso crosses the line.
Yes we can. Both performances were measured with technology as accurate to as many places as you want to be reported. The photos are examined with conventions that are accurate down to 3 significant figures, and are report to 2. Aouita ran faster than Moorcroft.
If you take a handheld stopwatch and time an event with it, even thogh your stopwatch is accurate to a bazillion significant figures it only reports times down to hundredths of a second. From the time that you start your watch to the time that you stop it, the time that appears on it (1:15:25.62) is accurate. The problem here is that when you start the watch and when you stop it has human fallibility in it at both ends, and there is an implied error in the process that you cannot possibly match the exact time when the event started and you cannot match the exact time when the person you timed actaully crossed the finishline.
START.
Eyeblink: The human eye blinks 100ms to a visual stimulus.
Reaction time: The average reaction time to a stimulus is about 250ms. You can take all sorts of reaction time tests online and see where you fall within the distribution.
Sprinters reaction times: generally a good sprinter can consistently get his reaction times down to 160ms. Tim Montgomery hit 110ms once (or was it 101ms?), but most people would agree that race was acatually a flyer in which he just happened to react slower than the allowable 100ms
With that said, legal reaction time in our sport is 100ms, which matches your eyeblink reaction time. Our sport has determined at hand-timed races be adjusted by 240ms which conveniently duplicates the reaction time of most people.