DPS

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Damage per second denotes the amount of damage dealt by a skill, weapon or ability in a second. Generally, the higher your DPS, the better, as it means you're doing more damage. Chainguns, for example, have a much higher DPS than Launchers, because of their large magazine size and faster reloading time. DPS should account for the shot damage, shots per second, and reload period for weapons, or damage and cooldown period for skills and abilities.

That said, a low DPS isn't necessarily a bad thing. Your weapon could take a long time to reload but have extremely high damage.

See: Wikipedia:Damage per second for more information.