Ivana the Innovative decided to make a new electrochemical series taking the Zn2+/Zn electrode as the base standard, considering its reduction potential as 0 and calculating all others relative to it.
Statement 1 - It is possible to do such a thing.
Statement 2 - We need to calculate relative values because absolute values cannot be determined.
Both 1 and 2 are true
We cannot determine the absolute values of reduction potentials accurately. So, we have to use something as a base value so that we can determine the value of electrode potentials of other elements relative to it.
You already know that we use Hydrogen as the base.
But if Ivana decides to make her own table using Zinc electrode, she would still succeed. She would still get the exact same arrangement. Although the values she obtains for each electrode would be different.
So, statements 1 and 2 are true.