Definition-Perfection is a state in life which you will never reach. It is the state in which every feature is flawless. There is not a single error.
Meaning- Perfection cannot be achieved, no matter how close to perfection you thing you are. Perfection is a goal, which moves farther away every moment, to make you work harder and continually improve.
Application in life- Though it cannot be achieved, perfection plays a very important role in the life of every individual. It makes us work harder to make our work perfect, but when we fail, we are motivated to do even better. So perfection ensures continuous betterment.