It’s time to dive into some of the terms and concept that brought you modern color correction software. First of all – color grading versus color correction. Many use these terms to identify different processes, such as technical shot matching versus giving a shot a subjective “look”. I do this too, but the truth of the matter is that they are the same and are interchangeable. Grading tends to be a more European way of naming the process, but it is the same as color correction.
On a popular-use level the terms "color grading" and "color correction" are used interchangeably. However, on a semantic level I do believe there is a fundamental difference (which Oliver notes in the quoted paragraph above) and whenever I teach color I make explicit that the two terms are not the same. They do not technically describe the same process and one should use the appropriate term for the work being done.