Calculating with imprecise values

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Do we already have an Eu library for calculating with imprecise values?
I couldn't find such a library in the archives. I mean something along 
the following lines:
Say we have measured two distances, 3.4 cm and 4.7 cm, and we want to
add them. Since those values are normally not 100% precise, the result
is not necessarily (3.4+4.7) cm = 8.1 cm. If the values have been
rounded, and "3.4" means something between 3.35 and 3.44, and "4.7"
means something between 4.65 and 4.74, then the result can be any value
between 8.00 cm and 8.18 cm.

If we don't already have such a library, is there any interest?

Regards,
   Juergen

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