Precision
Precision is a primary character attribute. It is used to calculate the derived attribute Critical Chance, which determines the character's chance of a critical hit against targets at the same level. The real chance to land critical hits is thus determined on a pertarget basis; your chance of a critical hit is higher than displayed against targets below your level, but lower against targets above your level.
At level 80, the formula relating Precision to Critical Chance via the Hero Panel is:

Critical Chance = (Precision  916) / 21
However, ingame testing results don't match the expected values. The actual formula is:

Critical Chance = (Precision  895) / 21
In other words, Critical Chance is 0% when Precision is 895, and increases by 1% for every 21 Precision above that. Since the minimum value of Precision at level 80 is 1000, this means the minimum Critical Chance at level 80 is 4.95%. From the above equation, it follows 2995 precision is enough to reach the cap of 100% crit chance. This does not take into account flat critical chance effects such as fury and Sigil of Accuracy.
At other levels, the amount of Precision required to increase Critical Chance by 1% increases as you level, in a piecewiselinear fashion  increasing by 0.1 from levels 120, 0.2 from 21 to 40, 0.3 from 41 to 60, and 0.4 from 61 to 80.
Related skills[edit]
Utility skills that increase precision[edit]
 Banner of Discipline
 Signet of Fury
 Signet of Agility
 Conjure Lightning Hammer (while wielding Lightning Hammer)
 Signet of Fire
Related traits[edit]
Traits that increase precision[edit]
 Signet Mastery (Stacking 1 minute +100 precision buff on signet use)
 Spotter (+150 to nearby allies)
 Aeromancer's Training (+190 while attuned to air)
Traits that benefit from precision[edit]
 Practiced Tolerance  Gain ferocity based on your precision.
 Ferocious Winds  Gain ferocity based on your precision.
 Blood Reaction  A percentage of precision is given as a bonus to ferocity. This bonus is double in berserk mode.
Related equipment[edit]
Equipment prefixes that increase precision[edit]
This table lists tripleattribute prefixes that have Precision as their major attribute. For other prefixes that affect Precision, see the full listing at item nomenclature.
Prefix  Major attribute  Minor attribute(s)  

Captain  Precision  Power  Toughness 
Assassin  Precision  Power  Ferocity 
Rampager  Precision  Power  Condition Damage 
 For trinkets and jewels, Captain's is equivalent to Emerald, Assassin's is equivalent to Opal, and Rampager's is equivalent to Coral.
Upgrade components that increase precision[edit]
 Sigil of Perception
 Coral Chunk, Coral Tentacle, Coral Orb
 Emerald Shard, Emerald Crystal, Emerald Orb
 Opal Shard, Opal Crystal, Opal Orb
 Ruby Shard, Ruby Crystal, Ruby Orb
 See also: list of runes that increase precision
Related consumables[edit]
Consumables that increase precision[edit]
 Bowl of Curry Butternut Squash Soup  Doubleclick to gain +100 precision, +70 Ferocity, and +10 Experience from kills. Lasts 30 minutes.
 Bowl of Curry Pumpkin Soup  Doubleclick to gain +100 precision, +70 vitality, and +10 Experience from kills. Lasts 30 minutes.
 Bowl of Fancy Potato and Leek Soup  Doubleclick to gain +100 precision, +70 condition damage, and +10 Experience from kills. Lasts 30 minutes.
 Bowl of Artichoke Soup  Doubleclick to gain +80 precision, +60 vitality, and +10% Experience from kills. Lasts 30 minutes.
 Bowl of Fire Meat Chili  Doubleclick to gain +15% burning duration, +70 precision, and +10 Experience from kills. Lasts 30 minutes.
 Bowl of Truffle Ravioli  Doubleclick to gain +100 toughness, +70 precision, and +10 Experience from kills. Lasts 30 minutes.
 Bowl of Truffle Risotto  Doubleclick to gain +100 condition damage, +70 precision, and +10 Experience from kills. Lasts 30 minutes.
 Fancy Truffle Burger  Doubleclick to gain +15% poison duration, +70 precision, and +10 Experience from kills. Lasts 30 minutes.
 Omnomberry Pie  Doubleclick to gain 66% chance to steal life on critical, +70 precision, and +10 Experience from kills. Lasts 30 minutes.
 Plate of Truffle Steak  Doubleclick to gain +100 power, +70 precision, and +10 Experience from kills. Lasts 30 minutes.
 Saffron Stuffed Mushroom  Doubleclick to gain +200 condition damage for 30 seconds when you kill a foe, +70 precision, and +10% Experience from kills. Lasts 30 minutes.
 Spicy Chocolate Cookie  Doubleclick to gain +100 healing, +70 precision, and +10 Experience from kills. Lasts 30 minutes.
 Chocolate Chip Cookie  Doubleclick to gain +50 healing, +40 precision, and +10 Experience from kills. Lasts 30 minutes.
 Bowl of Tomato Soup  Doubleclick to gain +30 precision, and +10 Experience from kills. Lasts 15 minutes.
 Bowl of Vegetable Stock  Doubleclick to gain +20 precision, and +10 Experience from kills. Lasts 15 minutes.
 Bowl of Kale Soup  Doubleclick to gain +50 precision, +40 vitality, and +10 Experience from kills. Lasts 30 minutes.
 Minotaur Steak  +60 Precision +50 Ferocity
 Toxic Maintenance Oil  +100 Precision +10% increased condition duration