For a given continuous parametric parameter, we'd generally set limits, or pass / fail criteria, based on a target cpk. For example if our target cpk was 2, I would set limits at mean +/- 6 sigma. Or a robust version of the same.
For some types of parameters, the distribution is such that it doesn't make sense to do this, usually cases of test measurement limitation or some idiosyncrasy of the product. Or if it is a resistance measurement, and the statistically set lower limit is negative, I adjust that to a positive value as electrical resistance cannot be negative. In these cases it is simple enough to eyeball some limits, though I generally try to apply robust limits first and if they don't make sense (too wide, too narrow, etc), I'll just manually implement a sensible limit for the parameter. Criticality of the parameter itself is taken into account.