Let me tell you one more way to interpret precision, it's a measure of instrument to reproduce same readings during trials.
The term precision is used to describe the degree of freedom of a measurement system from random errors. Thus, a high precision measurement instrument will give only a small spread of readings if repeated readings are taken of the same quantity.(source)
There can be many ways to say a same thing but essence remains unchanged, here essence of word precision is ability to be precise. Precise comes from Latin praecis- ‘cut short’, it's how sharply a instrument can measure something. If a tool lacks precision readings will vary with each trial, whereas a precise tool will generate identical readings maximum times.
A precise instrument may or may not give correct readings. Ability to give correct measurement is called accuracy. A accurate instrument may not be precise.
Accuracy is many times confused with precision, here is a good illustration.
