Relliot gives a pretty good explanation of how it works that I'll add to. (Also, you can find the rule book
here.)
With the IPSC targets, there are three scoring zones: A, C and D. A is worth 5 points for any power factor, C is worth 4 for major PF and 3 points for minor PF, and then D is worth 2 points for major and 1 for minor.
So lets say there is a stage with 4 targets that require 2 hits on each, that would be a maximum score of 40 points possible in that stage(8 hits total X 5 points). In IPSC, it is also timed and that is used to determine your hit factor. If a person was able to get 31 of the possible 40 points in 5 seconds, you take the 31 points and divide by 5 to get a hit factor of 6.20. Now lets say another competitor got 39 points, but it took 5.5 seconds. His hit factor would be 7.09. If it was just the two people for that stage the second person has the best hit factor and he is awarded full points on that stage (so he would get 40 points for the stage). The first competitor's hit factor works out to 87% of the second, so he is awarded 87% of the maximum (so he would get 35 points for the stage). The totals would be added for all the stages at the end of the match, and the guy with the highest total is the match winner. (The divisions are kept separate when adding the stage scores. Also I partly rounded off numbers to make it easier, normally they go to the fourth decimal point)
Hope that clears up the scoring system a little further. And if I made a mistake in there, someone will be along shortly to correct me.
I've found it easiest to compare hit factors between classes.
I'm guessing you mean between divisions?
OP, don't compare standard to production or to any of the other divisions. There are differences between the equipment and major/minor scoring requirements when it comes to different divisions. For example, there is no major power factor (PF) for production; and major power factor requirement is higher for standard and classic than it is for open division. (IPSC power factor = bullet weight in grains X speed in fps, divide by 1000)