What is meaning of running fix of ship?

1. As you approach the single point, take a bearing on it with your hand held compass. Make a note of the log, and course being steered.
2. Once there is an appreciable change in the angle to the object, take another bearing and note the new log reading.
3. Plot the 1st bearing, and anywhere along this position line, make a mark and from this point, plot the course steered. Measure down this track the distance travelled (the difference between the 2 log reading). and make a second mark.
4. Transfer your first position line, keeping it parallel, down to your second mark.
5. Where this transferred line crosses the second compass bearing is your position.

Consider the accuracy of this method? How well was the course steered? How accurate is the log? Was there any tidal streams of leeway?
These can all be factored in to improve the fix, but generally, if the distance between the 2 bearings is not too large, it will be accurate enough.