Keep in mind that resistors come in various tolerances (10%, 5%, etc..). If you have a selection to choose from, you can measure the resistors to get the closest to the value you are seeking. (i.e. if you have a 47k 10% resistor, it could actually be anywhere from 42.3k to 51.7k)
As far as the power rating, you must choose the size by determining how much power will be loss in the resistor. Use the (simplified) formula:
P = V * I (voltage across the resistor x current flowing through it)
or
P = I^2 * R (square of the current x the resistance - note that this is essentially the same as the previous formula because V=I*R)
for example: You have a 5 ohm resistor and have a 300mA current flowing through it.
R = 5 ohms, I = 0.3 amps
P = 0.3*0.3*5 = 0.45W --> you would need a *minimum* 1/2 W resistor (if you have space, use a larger one).
Always size up your resistor wattage rather than down, especially if they will be installed in an environment that dissipates heat poorly.
Paul