Accuracy and precision
Accuracy describes the degree to which a result obtained from measurement agrees to its real and accepted value. On the other hand, precision describes the degree to which the same measurement is obtained over repeated measurements. We refer to a ‘high precision’ marching band as they all march in step. We refer to a high accuracy micro-fabrication plant as they are able to produce widgets of exact sizes. 
Affect and effect
As a verb, affect means to influence or have an effect on something; effect as a verb means to execute, produce or accomplish something. As a noun, affect means a feeling or emotion, while effect as a noun means a result. In their most common usage, however, affect is usually used as a verb, and effect as a noun.
Examples: Many nutritionists argue fast food advertising affects children. The nutritionists say fast food advertising has a profound effect on children by influencing them to buy unhealthy food.
Alternate and alternative
As a verb, alternate means to occur in turns. Alternate as a noun means substitute. On the other hand, an alternative is a choice between two or more things.
Examples: Day alternates with night.
Paris Hilton considered her alternatives as she planned to indulge in another overseas trip: a beach holiday in Hawaii or a shopping spree in France.
Complement and compliment
When an object complements something, it makes that thing better, more complete, or more attractive. On the other hand, to compliment someone is to make a nice remark. A compliment is an expression of appreciation or respect.
Examples: Nicole Kidman’s gold dress complemented her pearl shoes. Fashion critics complimented Nicole on her great style.
Discreet and discrete
To be discreet is to exercise self-restraint in speech and behavior in order to avoid embarrassment or attract too much attention, usually to keep something secret. Discreet also means modest and free from pretension. Discrete, on the other hand, means distinct or separate.
Examples: Some would say that his raucous behavior was far from discreet.
His personal life and work life are discrete entities.
Immoral and amoral
If something is immoral, it does not conform to what society considers as acceptable and moral behavior. However, amoral describes a state of being neither moral nor immoral. An amoral person does not have any moral distinctions or judgments.
Examples: His immoral behavior led to his excommunication from the clergy.
The first production cyborg was amoral and rational in its approach to values :- however, very soon it became sentient and developed a very strange sense of robotic-styled morality.
Farther and further
Farther refers to distance. On the other hand, further refers to advancement in degree, time or quantity.
Examples: I don’t know how much farther this car will travel before running out of gas.
I think you will advance further in your career by becoming a better reader!
Infer and imply
To infer is to deduce, guess or conclude. However, to imply is to suggest. Therefore, the person/writer making the remark implies something, while the person listening or receiving the information infers something from what is being said.
Examples: Jane implied that her mother-in-law is quite a bossy person. From her comments, I inferred that Jane and her mother-in-law did not get along well.
Inflicted and afflicted
Inflict means to force someone to experience something unpleasant. But to be afflicted by something means to suffer from a problem or illness.
Examples: The court inflicted a harsh penalty on the drunk driver.
The country is afflicted by war.
Incredible and incredulous
Incredible means difficult to believe. In informal usage, incredible means extremely good. In contrast, a person who is incredulous is someone who visibly expresses a state of being unbelieving of someone or something.
Examples: American Idol winner Kelly Clarkson was incredulous at the incredible success she experienced after winning the reality talent contest.
Principal and principle
Principal means first in order of importance. In financial terms, principal is the amount of money a person puts in or invests into a bank or financial institution in order to earn interest. A principal is also the head of an elementary or high school. On the other hand, a principle is a basic idea or rule, or a moral standard.
Dilemma and quandary
A dilemma is when a difficult choice has to be made between two different alternatives. This is different from a quandary, which is a state of being unable to decide what to do especially when there are many possible choices at hand.
Personal and personnel
Personal refers to something which belongs to a single person or particular individual as opposed to a group, or matters relating to someone’s private life. In contrast, personnel refers to the people employed in an organization. Personnel also refers to the department within an organization which deals with its human resources. 
Ability and capacity
A person’s ability refers to their physical or mental power or skill to do something. In contrast, capacity is the amount something can hold, contain, produce, carry or absorb.
Examples: Former US president Bill Clinton is very charismatic and has the ability to engage an audience when speaking publicly.
The fuel tank’s capacity is 50 gallons.
Accept and except
To accept is to receive or agree to something. Except means ‘other than’ or ‘aside from’.
Reluctant and reticent
If someone is reluctant, they are unwilling to do something. When someone is reticent, they are reserved. Reticence can be a form of reluctance; it describes an unwillingness to speak your thoughts or feelings.
Note: This list is not prepared by me. but this is really helpful in tackling some notorious questions in MBA exams, that is why I am just sharing it with you guys. Here is the source of this list: Rocket Reader
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