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Losing 400 level 9 ironbreakers, for instance, is much worse than losing 600 level 1 dwarf warriors.
Losing 3 thunderbarges is much worse than losing 400 ironbreakers.
Spending all of your ammo / winds of magic / most of your lords and heroes health also lowers the quality of your victory.
What the game accounts for is the shifting of the balance of power and all of the above factors (and I guess more) enter in the calculcation.
That being said, in game 3 the type of victory you get is completely irrelevant since the experience you gain is based on the value of the units you kill rather than giving you more experience the better your victory is.
I did not however lose a single unit or even come close really and only high tier units I have are the rocket and the mortar.
I lost nothing valuable, most deaths were hand gunners and spear men.
My heroes did take a beating with 4 of them at half health. Nothing else relevant I can think of.
CLOSE VICTORY
Same with winds of magic reserve used up.
HP, Ammo, WoM and leadership are all counted towards your balance of power. The more you lose of this power, the lower your victory score will be.
And as others said, it's all about how the balance of power goes during the battle, which includes, for example, ammo. Spend all your ammo without losing a single men and the game will consider it a close victory because you expended a lot of resources regardless.
You can get close victory with 0 casualties, is a Total War meme
And even that could say "decisive victory" but you'll need to replenish for 3+ turns afterwards.