A precision 5V output from a 5V supply typically requires additional circuitry, as most integrated circuits cannot achieve this directly. Options include using a low current boost converter or charge pump to elevate the voltage before feeding it into a precision voltage reference chip. Manufacturers like Linear Technology and Analog Devices offer relevant components, some of which may need external circuitry. The discussion highlights the importance of defining the required precision level, as this greatly influences the choice of components. Ultimately, achieving a high level of precision with a single chip is unlikely, and a multi-chip solution is often necessary.