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To predict the powering performance of full scale ships from the towing tank tests, resistance, propeller open water and self-propulsion tests are conducted. Model tests inevitably include the experimental error defined as the sum of two types of uncertainties, bias and precision errors. The induced errors in each element of model test are propagated through various routes and correlated with one another. The correlation coefficients are very important in the uncertainty analysis. The coefficient gives a direction(increase or decrease) for a value of error in individual elements. If the coefficient is not used accurately, the error bounds of the individual elements are overestimated or underestimated. In this study, the new methodology is applied to the uncertainty analysis of HMRI's towing tank tests, thus error bounds of each element is suggested and verified by several repetitive experiments.