Depending on what type of diameter it is. If it's a stud then use a minimum circumscribed best fit. If it's a hole, then use max inscribed best fit. For any other I use least squares (RMS) best fit.
Every company is different. But some of the standards should be, Company, Part#, Rev#, QTY# for traceability issues. Then of course list your CTQs that need to be checked at incoming.