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Abstract The use of reduced numerical precision to reduce computing costs for the cloud resolving model of superparameterized simulations of the atmosphere is investigated. An approach to identify the optimal level of precision for many different model components is presented, and a detailed analysis of precision is performed. This is nontrivial for a complex model that shows chaotic behavior such as the cloud resolving model in this paper. It is shown not only that numerical precision can be reduced significantly but also that the results of the reduced precision analysis provide valuable information for the quantification of model uncertainty for individual model components. The precision analysis is also used to identify model parts that are of less importance thus enabling a reduction of model complexity. It is shown that the precision analysis can be used to improve model efficiency for both simulations in double precision and in reduced precision. Model simulations are performed with a superparameterized single‐column model version of the OpenIFS model that is forced by observational data sets. A software emulator was used to mimic the use of reduced precision floating point arithmetic in simulations.