The word precision comes from Latin praecīsiō (a noun of action meaning "a cutting off"), derived from praecīdere (to cut off, shorten"), combining prae- (before) and -cidere (to cut), linked to an older idea of being "cut short" or "abrupt".  It eventually made it way to English via Medieval Latin praecisus (abrupt, cut off) and Old French précision, to mean exactness, accuracy, or a careful cutting off of the unnecessary to get to the exact point. 

According to the Oxford English Dictiionary (OED), the noun precision first appeared in English in the early 1500s, with the earliest recorded use found in the writings of Thomas More in 1529.   While "precision" is primarily known as a noun, it is also listed as an adjective (referring to "of, pertaining to, or characterized by precision").  The adjective and adverb precise appeared in English during the Middle English period (1150-1500) in 1392. 

Examples of the noun "precision" used in a sentence: 
"I admire the precision of her work." 
"Now even more airshow fans will be able to see the precision aerobatics." 
"But then I have these ridiculous plans that need to be executed with exact precision." 
"They would have had to smuggle in the precision machine tools necessary for new centrifuges."
"Nielsen, the company that measures TV ratings, prides itself on the precision of its calculations." 
"Lack of both accuracy and precision becomes more problematic in malformed hearts when cardiac structures are hypoplastic." 

Examples of the adjective "precise" used in a sentence: 
Scientific/Technical: "The telescope allows for precise tracking of distant galaxies." 
Describing Actions: "The chef made a precise incision in the garnish." 
Describing Language: "She chose her words with precise clarity to avoid misinterpretation." 
Describing Timing: "They arrived at the precise hour for the secret meeting." 
Describing Tools/Work: "The new drill performs a precise bore every time."