We present a database analysis to obtain a precise evaluation of the accuracy limitations associated with the popular dynamic eddy-viscosity model in large-eddy simulation. We consider decaying homogeneous isotropic turbulence at two different Reynolds numbers, i.e., Relambda;=50 and 100. The large-eddy simulation errors associated with the dynamic model are compared with those arising in the "static" Smagorinsky model. A large number of systematically varied simulations using the Smagorinsky model provides a detailed impression of the dependence of the total simulation error on (i) the spatial resolution and (ii) the resolution of the subgrid dissipation length. This error behavior also induces an "optimal refinement trajectory" which spec...