I suggest you read an applied statistics book appropriate for your field. You can find some valuable notes on these subjects on the internet as well.
Weighting coefficients are determined differently from subject to subject. You must find the model suitable, then search for how to calculate the coefficients.
For example, sometimes it is inversely proportional to the size of variance.
The accuracy of the model is measured in terms of its potential to describe real data. This competence is scaled through some loss functions/error functions to define the distance between prediction of the model and the real data.