Factors:
Since arrows and musket balls do not penetrate the body of the units. As for what sir crzyrndm said
Accuracy and spread of arrows. A larger unit covers a larger area so some that would otherwise miss hit instead. There are also more targets so less likelyhood of two arrows killing one person when one would have done the same job
. I don't think there is such thing as projectile spread, its just that the units are not accurate enough. In a raw point of view its not 1 arrow/musket ball hit 1 kill. Speaking of accuracy there is the missile distance for half chance hit, another factor which causes why so many arrows launched only 5-15 die in a volley
There is also the damage value for the projectiles for arrows the vanilla value should be 0.5 for arrows, .75 for musket balls which brings us to unit properties which is the man health. Each man has 1 hp meaning if he his actually hit by two arrows he will die. So in a 200 man ashigaru unit they have 200 hp. Range also affects the damage it deals to a unit that's why more often than not, its 1 arrow/musket ball hit 1 kill. For the bow monks they have attack power extreme range modifiers or was it attack power long range modifier which actually boost the damage but then again now matter how large the damage if 3 arrows hit 1 unit the possibilities of killing 2 more units in a volley is wasted.
There is something called armor missile penetrating divisor and armor missile piercing divisor this is for the missile units firing. At the same time it has a counter part defense missile penetrating and defense missile piercing divisors, I'm not really sure how it works but i think they just negate each other. There a lot of other multipliers and divisors for the efficacy of a projectile. Accurrancy, defense, armor, distance and such.. (this is getting too long)
I think there is a range modifier too, the nearer the the target is the more chance it will find its mark.
How attacking works (I'm not sure about this one): I believe it works like this in a 200 man unit of archers, each one of them picks a target from an enemy unit, just like how infantry charges and melee fights work, I noticed that when I timed the charge right the unit would change from a running stance to a charge stance, then this happens 2 or more men end up trying to kill 1 man in a charge attack (I will try to post an image at later time). I do not know how it works for the cavalry since i noticed that they run over and knock other units when the charge attack hits properly but enough of that. Now what happens is that missile distance for half chance hit kicks in and makes the projectile miss making it go to another unit or it hits the ground.
I think these parts should not be here.. :\