With the rise of neutrino astronomy using large-volume detector arrays, calibration improvements of optical media and photosensors have emerged as significant means to reduce detector systematics. To improve understanding of the detector volume and its instrumentation, we developed an absolutely-calibrated, self-monitoring, isotropic, nanosecond, high-intensity calibration light source called “Precision Optical Calibration Module” (POCAM). This, now third iteration, of the instrument was developed for an application in the IceCube Upgrade but, with a modular instrument communications and synchronization backend, can provide a calibration light source standard for any large-volume photodetector array. This work summarizes the functional principle of the POCAM and all related device characteristics as well as its precision calibration procedure. The latter provides fingerprint-characterized instruments with knowledge on absolute and relative behavior of the emitted light pulses as well as their temperature dependencies.