The word precedent is a noun and you can use the word for an official action or decision that has already happened in the past and it can be referred to as an example that can be followed when the similar situation arises. Given below is a sentence that can help you in understanding the word quite well as it is used in a context: Today's ruling of the Supreme Court has set a precedent for the future. The above mentioned sentence says that the Supreme Court has given a verdict and from now on whenever that kind of case arises, you can take the reference of this ruling to make a decision.
Sometimes the word is also being used as a synonymous term for the word tradition and it says that how things should be done or the standard way of doing things.
Sometimes the word is also being used as a synonymous term for the word tradition and it says that how things should be done or the standard way of doing things.