The quantification of the prediction accuracy in large eddy simulations (LES) is very challenging due to various interacting errors associated with this approach. When dealing with errors in LES using implicit filtering, numerical and modeling errors have drawn the interest of many researchers. Little attention has been paid to other sources of discrepancies between LES results and reference data, namely sampling errors, influence of the initial conditions, improper boundary conditions or uncertainties issuing from reference data. A framework of metrics that includes all these issues is addressed in the present paper to study subgrid-scale (SGS) models for LES and to quantify their prediction accuracy and computational costs. The method is applied to a simple wall-bounded turbulent flow at moderate Reynolds number. It turns out from the results obtained with six commonly used SGS models that wall-adapting models (WALE and SIGMA) and localized dynamic models reproduce the physics of the flow field more faithfully, reveal a superior prediction accuracy and have a similar computational cost than models using van Driest wall damping. Especially at the viscous wall region (r + < 50), wall-adapting and localized dynamic models are more accurate, reflecting the proper near wall behavior of such models. Relying on the analysis of sources of various errors, uncertainties in LES are estimated and systematically assessed, and their influence on simulation results is quantified. Finally, engineering estimations of the required averaging time to obtain basic estimates of statistical quantities with a predetermined degree of accuracy are suggested.