1. Exactness or accuracy: Margaret's grandfather had an old pocket watch that showed great precision and was always in accord with the correct time, which was quite remarkable considering its age.
2. In mathematics, the correctness to which a calculation is performed, specifying the number of significant digits with which the result is expressed: The engineer checked the precision of the measurements of his sensitive equipment to make sure it was still reliable.
3.The requirement of great exactitude: Being a TV news reporter necessitates perfect precision to be at the right spot at a specific time for a broadcast.
4. Perfect accuracy and correctness when performing business dealings: Bank clerks have to show great precision when they take care of the accounts of their clients.

I got through a number of things in the area of defense, like showing the importance of cruise missiles and getting them more accurate so that we can have precise precision.
"Senator Dan Quayle referring to his legislative accomplishments.
(as seen in The NY Times 8/26/88)