Explanation:

- Priority: The condition of being regarded or treated as more important than others.

- Option 1: Dignity: Refers to the state or quality of being worthy of honor or respect; it relates to decorum rather than importance.

- Option 2: Formality: Concerns adhering to established rules or customs; it is not about importance or precedence.

- Option 3: Paucity: Means a scarcity or lack of something; it relates to quantity, not importance.

- Option 4: Precedence: Directly relates to giving more importance or ranking higher than others. It aligns with priority.

Option 4: precedence is indeed the correct synonym for priority.