Here is CNC Milling Services talking about Precision Machining.
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A machining method in which the machining accuracy is 0.1 to 1 μm and the machined surface roughness Ra is between 0.02 and 0.1 μm is generally referred to as precision machining.
Precision machining is a finishing process in machining. It is divided into cold working and hot working according to the temperature state of the workpiece being processed.
Generally processed at room temperature, and does not cause chemical or physical phase changes of the workpiece, called cold processing. Generally, processing at a temperature higher or lower than the normal temperature causes a chemical or physical phase change of the workpiece, which is called thermal processing. Cold machining can be divided into machining and press machining according to the difference in processing methods. Thermal processing is commonly used for heat treatment, forging, casting, and welding.