Precipitation hardening means that a second phase such as a carbide or intermetallic compound is precipitated in the alloy. This means the constituent is precipitated from a supersaturated solid solution, e.g. excess C in and Fe-alloy matrix. The process by which this is accomplished is aging the metal, so the specific result is age hardening.
aging (heat treatment) - from the ASM Metals Handbook
A change in the properties of certain metals and alloys that occurs at ambient or moderately elevated temperatures after hot working or a heat treatment (quench aging in ferrous alloys, natural or artificial aging in ferrous and nonferrous alloys) or after a cold-working operation (strain aging). The change in properties is often, but not always, due to a phase change (precipitation), but never involves a change in chemical composition of the metal or alloy. See also age hardening, artificial aging, interrupted aging, natural aging, overaging, precipitation hardening, precipitation heat treatment, progressive aging, quench aging, step aging, and strain aging.
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Dispersion strengthening of a metal or alloy is accomplished by incorporating chemically stable submicron size particles of a nonmetallic phase (ususally an oxide such as Al
2O
3) that impede dislocation movement at elevated temperature. Nonmetallic phase(s), such as Al
2O
3, MgO, SiO
2, CdO, ThO
2, Y
2O
3, or ZrO
2 may be used singly or in combination. An example would be Y
2O
3 dispersed in nickel-chromium superalloys used for gas turbine components.
Here is a good article on hardening process in steel -
The Strengthening of Iron and Steel
Strengthening mechanisms in alloy steel
In fact one will find the whole site very useful.
http://www.key-to-steel.com/Articles.htm