Milling machines are tools engineers use to cut metal to a desired specification. A mill uses bits, which rotate at high revolutions and shave the metal. Milling machines are often computer controlled and can perform extremely precise cutting operations. A downside to milling is the bits will become dull and will require periodic replacing or sharpening.
Lathes have been around for a long time and remain a staple in any engineering arsenal. A lathe operates by clamping an object onto a chuck and spinning the object at a high revolutions. A stationary bit is then applied to the spinning object, and excess material is cut away. Like mills, lathes will require periodic replacing or sharpening of the cutting bit.
A plasma cutter uses superheated air through which a high-voltage electrical current passes to make plasma. This plasma in turn travels through a nozzle, focusing the discharge and allowing an engineer to make cuts in hard metals such as steel. Because they have no moving parts, plasma cutters require little maintenance. One drawback to a plasma cutter is that, unlike a lathe or mill, it can only make two-dimensional cuts.
Water jet cutting is a relatively new technology compared with mills and lathes. Superpressurized water travels through a nozzle at velocities extreme enough to cut through metal. Water jet cutters can make extremely precise cuts for very little cost. Like a plasma cutter, water jets can only make two-dimensional cuts, and the depth of cuts is limited to around 2 inches.