Slip is the differance between theoretical and actual travel. If a prop is say 15'' pitch and moving forward travels only 12'' inches or pitch then that prop is only traveling 80% of its theoretical max. Hence giving that prop a slip of 20%. Its common to have ventilation or cavitation but this is generally considered excessive and mainly happens with to small a diameter for the load or power of the engine. But as XR states common among drag racers and lots of us rec boaters also.
As mentioned 5-7% even 8 is a good {great} actually, slip for any highly efficient boat like ours. You know you have the right sized prop for your load and power when your in those slip percentages.
To little slip could be caused by to large of diameter prop.Your really waisting power over coming friction {slip} rather than moving forward. The positive and negative pressure on the blade faces relies on the angle of attack. By not having sufficient blade angle {rake+angle} there would be no thrust or slip. Imagine turning a plate it has no thrust or slip. Then mold that plate by angeling the outside edges of that plate to more of a cone shape. Now you have slip and thrust sorta. Not much until you cut some blades out and angle them some more. Now ya have a prop shape. That will move you forward. :big grin
There are virtually thousands of different examples of shape and sizes of props. The trick becomes how to identify what works for your boat and motor. Load and driving style also come into play. You can get very close but there is really, when ya get down to it, no two props that will be {perfect}. You may find what you think is the perfect prop then you go have a big Mac, fill up full of fuel. Raise your motor 1/4 inch more than normal,winds out of the south rather than north, temps increase 10 deg then all of sudden your perfect prop isn't the same as last night when it was cooler your stomach had less in it,lower fuel {load} and the water was 15 deg cooler.:help Thats the basics of prop slip. Like said again, find one to get ya in the 6-8 range under a few different conditions and load scenario's and you'll have found a great combo prop for your needs and setup that will be good on most days.
Thats why guys have several props. They know what each prop does with the purpose of the intended use of there boat for that day or even moment. They will pick the one they feel is best for that time and purpose to maximize performance.
I guess to answer your question how to {fix} prop slip. To much or to little? Again the differances of high or low percentages are determained buy some of the variables above. Most complain about to high rather than low. To small of diameter for power and load? What hull and power you have? Guys can tell ya what works for them. Diameter can be a setup question as in what prop shaft hight you run on what hull with what load. These are the variables that will help on what dimentions over all in a prop might be best suited for you.