Precision

Precision is a base statistic that every ship starts with (3%), but is primarily boosted by the equipped Scanner module, and can be further boosted by substats on any module or turret.

It defines how precise the ship's attacks are, which is relevant for critical hit calculations. The higher the level of the gear equipped on the ship, more Precision is required to maintain the same critical hit chance.

All turrets are subject to the same rule - thus having high precision on a mining ship will cause it to cause critical hits (and mine more ore) with increased frequency.

Precision and Critical chance

At Level 1, 10 Precision equals 1.86% Critical Chance
At Level 30, 10 Precision equals 0.25% Critical Chance

There is always a base Critical chance of 3%. Skills that increase the Critical chance will always count towards the base value.

Example: A Skill gives 3% the base Critical chance, and a 2% multiplier.

This calculates to: (3% base + 3% from the skill) * 102% (from the multiplier).

Note: How Precision translates towards Critical Chance shown in the ship's Info Statistics tab is roughly: Softcap at 5%, and then all additional precision is added via precision^0.75 - basically with diminishing returns.

Since this means precision itself isn't really "human-readable", it's slated for a revamp at a later date.