First, a terminology correction. You are given the positional tolerance on the drawing. You want to find your positional error.
Assuming basic abilities & equipment in benchtop / open setup metrology:
1) Put magnet into a collet, holding on the datum feature diameter. Put collet in holder on a stand or lathe chuck. The axis of the collet simulates the datum axis of the datum feature (diameter)
2) Find the largest gage pin that will fit into the hole; put it through the hole
3) Using a deflection probe, master your indicator vertically at the axis of the collet
4) Probe the top of the pin and subtract half of the pin diameter. Record this as your delta-Y
5) master your indicator horizontally at the axis of the collet
6) probe the right side of the pin and subtract half the pin diameter. Record this as your delta-X
7) Use the pythagorean theorem to establish the radial error of the position of the hole.
8) Double the radial error to get the diametral error, which is your positional error.
Hope that helps.
Jim Sykes, P.Eng, GDTP-S
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