Geolocation error in aerial imagery can arise from many sources. This paper catalogs the major sources and shows how residual error may be reduced still further through the use of ground control points.
Donald P. Gordon, Donald P. Gordon,
"Geolocation of aerial imagery", Proc. SPIE 5409, Airborne Intelligence, Surveillance, Reconnaissance (ISR) Systems and Applications, (30 August 2004); doi: 10.1117/12.543325; https://doi.org/10.1117/12.543325