Precision

Precision is a base statistic that is directly tied to Critical Chance - a chance to score double (or triple, or quadruple, etc. damage). Normally every ship starts with 3% critical chance, but through precision they can get more. Precision is primarily generated by the equipped Scanner module, and can be further boosted by substats on any module or turret. Critical Chance by itself can also be boosted through substats on turrets.

Precision 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 with increased frequency, which in turn speeds up mining considerably.

Precision and Critical chance

At Level 1, a ship with 10 Precision has 3% + 1.86% = 4.86% Critical Chance
At Level 30, a ship with 10 Precision has 3% + 0.25% = 3.25% 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:

Critical chance = (0.05 × precision / levelScale) - meaning the higher the average level of the ship's gear, more is required.

If this is higher than 5%, then roughly:

Critical chance = (old critical chance)^0.75 - meaning it grants diminishing returns.

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