One statistic people look at to assess the goodness of their gauge is the Precision to Tolerance (P/T) Ratio.
P/T ratio = (k x gage sigma) / tolerance
The value for k is typically driven by a company's standard operating procedure or by the company's customers or suppliers or industry standard.
The intent is to use a value such that k x gage sigma is the "width" of the gage sigma distribution which can be compared to the with of the tolerance.
Some people like to use k=6 because it is simple and they like to use a +/- 3-sigma width which represents 99.7% of the values.
Some people like to use k=5.15 because that represents 99% of the values. They like to use 99% because that's simple for them.
Kinda a matter of personnel preference.
We used to use 5.15 in our company, it was pretty standard across our divisions. But, more recently, we switched to k=6 because to standardize with a few key suppliers and customers.
It is important to know which k you are using. But more important to standardize within your company to that everyone is using the same value.