IMO, the semi auto version of "precision" is what most are referring to as practical. If I wanted a true precision rifle, I would get a bolt gun as that seems to be the most effective way to consistently get sub .5moa groups.
One main identifier of a precision rifle is the optics, not by them self but when coupled with the accuracy needed to hit your desired target at your max effective range. The ability to range a target, dial in/ holdover with the correct dope and make not only first round but repeated hits on the desired target seperates a precision rifle from one where you can make the hits, but you have to take multiple rounds to do so.
With my semi auto rifles I expect 1moa or less either from single 10 round groups or multiple 5 round groups. After initial sight in/ group shooting is finished I like to shoot in a more "practical" sense. Engaging multiple targets at extended distance and running drills on targets at varied distances not adjusting knobs, are what I consider worthwhile practice.
Shooting small groups from the bench or prone at known distance is fun, but there are a lot more skills necessary to correctly use a precision rifle. I have started shooting in some local competitions and that is by far the best training I have encountered. This makes you get outside of your comfort level and practice things you normally avoid because they aren't as fun.
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