Difficulty getting good precision
It's a generally accepted fact that FDM/FFF printers will have deviations when it comes to holes and perimeters. Typically, holes print smaller than designed and external surfaces end up larger than designed.

In your case, it seems to be the opposite: the hole is too big. It could be that you're just printing too big overall. You might want to make sure that your printer is printing the 10mm X/Y dimension in you example correctly. If it's too big, part of it may be just the typical oversized perimeter, but some of it might be due to incorrect firmware X/Y 'steps/mm' or extrusion like you mentioned.

See also: "Are you printing undersized holes?"