Good questions Sathi..... simple and complicated all at once
. For those that are very demanding of 100% right on color matching (not me, I'm pleased with something pretty close) I believe there are printer/paper/ink profiles that allow for EXACT color matching.
For most of the rest of us there is monitor calibration, done with either software tools like Adobe Gamma (mediocre at best) or hardware calibrators (best method) like the Eye One and other hardware devices. I use a hardware calibrator and get things pretty close.
There is also the method of having the lab send you a standard print and the file that goes with it. This way you can do a "stare and compare" between what you see on the screen and what you're holding in your hand.
Printing yourself a 4x6 "test strip" may or may not work out depending upon the consistency and reliability of the pros at your commercial lab.
Can someone shed some light on this for me...
If your printer can print colors that the monitor cannot display, and you use a colour space that allows it to take advantage of those colours, how are you suppose to know what your print will look like and how can you account for what your output will looks like when you do certain things in photoshop like increasing saturation? Just print up a 4x6 and see if it looks ok and then go from there?
and have not done any experimentation with LR.

Hopefully someone can answer this for us.
