This is relevant to Question 10 from the second paper of 2004, "Outline the factors associated with the accuracy of central venous pressure measurement by a central venous catheter"A more extensive exploration is carried out in the core chapter on central venous pressure measurement.
The college answer is as follows:
"Accuracy of central venous pressure measurements depend on a number of factors. These include placement of device (tip in RA, RV, femoral vein etc), levelling (usually to phlebostatic axis), zeroing (zero means atmospheric pressure), calibration (measurement above zero is accurate when compared with gold standard [was mercury sphygmomanometer]), damping (not over or under, assessed by square wave or balloon bursting, prefer coefficient approximately 0.7). Frequency response of the system (intrinsic plus additional tubing) may significantly impact on damping (prefer shorter and stiffer tubing). Running averages also significantly alter ability to interpret spontaneous readings or variability associated with intra-thoracic pressure (better with printed waveform). Water column measurement is rarely done."
Most of this material can be found in Bersten and Soni’s” Oh's Intensive Care Manual”, 6th Edition, as well as the CVC section from The ICU Book by Paul L Merino (3rd edition, 2007)
Additionally, I have made use of the amazing Essentials of Critical Care, 8th ed.(ch.3 - Monitoring in the ICU).
For those willing to pay for it, there is a good UpToDate article on this.
For those unwilling to pay, see these free articles:
Pittman, James AL, John Sum Ping, and Jonathan B. Mark. "Arterial and central venous pressure monitoring." International anesthesiology clinics 42.1 (2004): 13-30.
Marik, Paul E., and Rodrigo Cavallazzi. "Does the central venous pressure predict fluid responsiveness? An updated meta-analysis and a plea for some common sense*." Critical care medicine 41.7 (2013): 1774-1781.
Alzeer A et al. Central venous pressure from common iliac vein reflects right atrial pressure. Can J Anaesth 1998 Aug 45 798-801.