asv80:
A liquid surge tank used in a process is nothing more than "a wide spot in the line". In other words, you normally have no definite, identifiable, process constraints for its need other than that you want to make sure you can maintain a steady operation of "liquid-full" downstream. If, on the contrary, you do have a defined process need for the "surge" - such as a definite quantity of incremental liquid required at certain incremental times, then you have logical basis for your surge drum sizing. I would use that basis, plus a contingency to cover suspected variances to the volume rate.
The need for a liquid surge drum is specifically peculiar to the specific process in which it is applied. All surge drums cannot, by logic, be calculated by the same general sizing formula to arrive at a logical answer. Since all processes are different, with distinct characteristics and needs, the surge drum required would be specific to that process. Surges may be identified as storage (during shut-downs or turn-arounds), process capacity variances due to production needs, variations in liquid transport equipment such as pumps, pressure differentials, etc.. Other needs may be testing, mixing, or settling of solids. It all depends on your scope of work and your process. You, as the expert in your process, are the best judge of what your needs are. I would not employ an arbitrary equation or number arrived at on an internet forum.
To try to give an example of this perspective, consider a human being's bladder: the size of the bladder depends on the obesity, the type of human, and the amount of beer he/she drinks per day. The more liquid the human body has to process within an increment of time, the bigger the bladder.