Volumetric analysis involves determining the concentration of a substance by measuring the volume occupied. It is commonly used to determine the unknown concentration of a known reactant through a titration process, where one solution of known concentration and volume is used to react with another substance of unknown concentration until the reaction is complete. The volume of the known solution used is then used to calculate the concentration of the unknown substance. Accuracy in volumetric analysis relies on the use of standardized solutions of primary standards with known concentrations.