Punching or Piercing
The typical punching operation, in which a cylindrical punch pierces a hole into the sheet.
Trimming
Punching away excess material from the perimeter of a part, such as trimming the flange from a drawn cup.
Parting
Separating a part from the remaining sheet, by punching away the material between parts.
Slitting
Cutting straight lines in the sheet. No scrap material is produced.
Lancing
Creating a partial cut in the sheet, so that no material is removed. The material is left attached to be bent and form a shape, such as a tab, vent, or louver.