Computer Numerically Controlled Machining includes CNC Milling and Lathing. At Carnegie Mellon, facilities exist for milling only, and this is the approach we've taken for our project, the Solid Side.
Several cuts are usually necessary; first a rough cut using a large-radius bit (no tight inside corners) and afterwards final cuts to exact dimensions and when the part must be re-oriented due to complex geometry.
CNC Milling works much the same as a milling machine, except the operator is accurate to within 0.001" and is several times faster than any human. The processes of tool selection and changing, and workpiece cooling are all automated and handled by the milling machine.