Damage
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How much damage weapons and other things do to players, monsters and things. Related to the health.
Damage Value
The two common way is to have a single value or a range of values. So a knife can do 4 damage or it can do 2-6 damage.
Damage Type
By assigning a damage type to each attack one can make certain creatures immune or resistance to certain attacks. A weapon can do weapon damage, a fire spell fire damage and an ice spell cold damage. A single attack can also provide multiple damage types. Say a flamming sword that do both weapon and fire damage.
Resistance/Weakness
This makes a creature take less or more damage of a certain type. For example a a fire elemental might take double damage from water type and half damage from earth type attacks.
Immunity
This is often linked to a type so a creature can be immune to damage of a certain type. For example a fire elemental might be immune to anything that deal fire damage.
Damage per second
DPS is a measure of the damage dealt by something over one second. The something can for example be a single weapons, a player using all abilites or a group of characters. It makes it possible to compare the damage output of different things and balance them against each other.
Damage: The damage the attack does.
Recharge Time: The time for a attack to be used again.
Activation Time: The time the attack takes to perform.
DPS = Damage / (Recharge Time + Activation Time)
Damage Per Activation
DPA is like DPS but ignores the Recharge Time. As players learn the game they avoid doing the same attack all the time. They switch between attacks while others are on recharge. For these attack chains the recharge time is not important.
DPA = Damage / Activation Time
Reference