What is the purpose of setting an object's priority?

In Oxygen Not Included, the player can set priorities (1 being lowest, 9 being highest) for a number of things. For tasks like digging or building, this makes perfect sense to me.
What does it mean to set the priority of an object or station, such as a power generator, a cooking station, or an Outhouse/Latrine?
(Because this game is in the early release stage, I understand/expect/acknowledge that this Q&A may become irrelevant in future releases. Still, this does not appear to be discussed, so it may be useful to others. I am using Development Build OC-256131 in mid-March 2018.)
Pictures about "What is the purpose of setting an object's priority?"



Introduction to Classes and Objects - Part 1 (Data Structures \u0026 Algorithms #3)
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Anna Tarazevich, Karolina Grabowska, Karolina Grabowska, Amina Filkins