Investment casting, also known as lost-wax casting, is a process for producing metal parts with high dimensional accuracy and intricate details. It involves creating a wax pattern, coating it with ceramic slurry to create an outer mold, melting out the wax, and pouring molten metal into the empty mold cavity. The process allows for complex internal and external geometries without parting lines. Investment casting is well-suited for small, precision parts, especially those made of high-melting point alloys, and is used in industries like aerospace and firearms manufacturing.