  The chemical Fokker-Planck equation and the corresponding chemical Langevin
equation are commonly used approximations of the chemical master equation.
These equations are derived from an uncontrolled, second-order truncation of
the Kramers-Moyal expansion of the chemical master equation and hence their
accuracy remains to be clarified. We use the system-size expansion to show that
chemical Fokker-Planck estimates of the mean concentrations and of the variance
of the concentration fluctuations about the mean are accurate to order
$\Omega^{-3/2}$ for reaction systems which do not obey detailed balance and at
least accurate to order $\Omega^{-2}$ for systems obeying detailed balance,
where $\Omega$ is the characteristic size of the system. Hence the chemical
Fokker-Planck equation turns out to be more accurate than the linear-noise
approximation of the chemical master equation (the linear Fokker-Planck
equation) which leads to mean concentration estimates accurate to order
$\Omega^{-1/2}$ and variance estimates accurate to order $\Omega^{-3/2}$. This
higher accuracy is particularly conspicuous for chemical systems realized in
small volumes such as biochemical reactions inside cells. A formula is also
obtained for the approximate size of the relative errors in the concentration
and variance predictions of the chemical Fokker-Planck equation, where the
relative error is defined as the difference between the predictions of the
chemical Fokker-Planck equation and the master equation divided by the
prediction of the master equation. For dimerization and enzyme-catalyzed
reactions, the errors are typically less than few percent even when the
steady-state is characterized by merely few tens of molecules.
