A principal function of a lamp is to produce light output with designated spectra, intensity, and/or geometric radiation patterns. The function of a precision performance lamp is to go beyond these parameters and into the precision repeatability of performance. All lamps are not equal. There are a variety of incandescent lamps, from the vacuum incandescent indictor lamp to the precision lamp of a blood analyzer. In the past the definition of a precision lamp was described in terms of wattage, light center length (LCL), filament position, and/or spot alignment. This paper presents a new view of precision lamps through the discussion of a new segment of lamp design, which we term precision performance lamps. The definition of precision performance lamps will include (must include) the factors of a precision lamp. But what makes a precision lamp a precision performance lamp is the manner in which the design factors of amperage, mscp (mean spherical candlepower), efficacy (lumens/watt), life, not considered individually but rather considered collectively. There is a statistical bias in a precision performance lamp for each of these factors; taken individually and as a whole. When properly considered the results can be dramatic to the system design engineer, system production manage and the system end-user. It can be shown that for the lamp user, the use of precision performance lamps can translate to: (1) ease of system design, (2) simplification of electronics, (3) superior signal to noise ratios, (4) higher manufacturing yields, (5) lower system costs, (6) better product performance. The factors mentioned above are described along with their interdependent relationships. It is statistically shown how the benefits listed above are achievable. Examples are provided to illustrate how proper attention to precision performance lamp characteristics actually aid in system product design and manufacturing to build and market more, market acceptable product products in the industrial, medical and consumer markets.